As the nation prepares to say goodbye to 2024, eligible recipients can end another year with some good news. This month, citizens of Alaska can expect a large stimulus check payment before the end of this month. Thanks to the generous Permanent Fund Dividend (PFD), eligible residents can prepare to receive $1,702 in stimulus payments.
Alaska Permanent Fund Dividend (PFD) and an additional Energy Relief Payment to residents
The stimulus payments will be awarded through the Alaska Permanent Fund Dividend (PFD) and an additional Energy Relief Payment. The total payment is split into $1,403 Alaska Permanent Fund Dividend (PFD) and an additional $298.17 Energy Relief Payment. The payment will be a one time payment to help alleviate financial stress from Alaskan households. 60 000 residents are expected to benefit from the payment.
The PFD is responsible for distributing benefits to Alaskan citizens from investment earnings of mineral royalties. Each year, the PDF pays out residents of Alaska a portion of what the State has earned from their natural resources each year. Alaska is rich in minerals and is leading exporter of gold and zinc across the nation. The program is a way for all to benefit from the State’s resources. The additional payment from the Energy Relief Payment is to help Alaskan citizens prepare for the upcoming winter and increased expected energy expenses.
Eligibility to receive the payment
To qualify for the payment, beneficiaries need to meet certain qualifying criteria. You must have your primary address be in Alaska and have a permanent residency. You must have resided in the state for the entirety of 2023. You must have filed your application to receive the PDF payment at the start of this year. With the exceptions of military and education requirements, you must not have had a prolonged absence from the State for last year.
Applicants you applied earlier this year who are still unsure if they can expect to receive a payment this month can check their application status online. Visit the Department of Revenue’s PFD website at https://pfd.alaska.gov/ and check the official PDF fund website. Here, you can enter your required details to check up on the status of your application to see whether your payment has been approved or if it is still pending.
Some eligible applicants would have already received their payments
Some eligible applicants may have already received their payments. The first round of payments were scheduled for October 3rd. Eligible beneficiaries would have received their payments through direct deposit. For applicants who were approved but the applications were delayed or if you were newly eligible to the program, they would have received their payments on the 4th October.
If you are still waiting for payments from the 2023 round of PDF payments, there are two key dates this month you need to remember. On October 24th, you can expect to receive your payment if by October 14th the status of your 2023 claim was listed as “Eligible-Not Paid”. Some expect these payments to only be made in November however.
Since its inception in 1982, the PFD has provided Alaskans with an annual financial boost to help families meet their needs and share in the State’s profits. While the program has faced challenges, including fluctuating oil prices and budget constraints, its importance in promoting financial stability remains undeniable. As Alaska navigates future economic landscapes, the PFD will continue to be a vital aspect of the State’s support.
State’s nationwide are sending out stimulus payments to stir up economic activity and to provide financial support. Alaska however, is one of the more generous states with others providing payments between $300-$800.
