According to Marca, Alaskans can look forward to receiving $1,704 as part of the state’s initiative to share profits from natural resource sales with qualifying residents. This payment is known as the Permanent Fund Dividend (PFD). If you’re wondering when you’ll receive your stimulus check, read on for the details.
Breakdown of the Payment
The $1,704 includes a one-time energy relief payment authorized by the state’s Department of Revenue. This initiative aims to alleviate some of the financial strain Alaskans face during the colder fall and winter months amid a global cost-of-living crisis.
Alaska’s unique challenges, including its isolation and harsh climate, result in higher energy demands and increased costs for transporting and importing goods. With a population of just 800,000 compared to eight million in New York City, businesses in Alaska often charge higher fees for goods due to limited options.
Who Qualifies for the Benefit?
Given these circumstances, all Alaskans are eligible for the benefit, provided they lived in the state throughout the 2023 calendar year and did not leave for extended periods, except for military service or educational purposes.
Also read: Social Security Update: Which Recipients Will Receive an Average of $1,580 in 2025 Due to COLA?
However, certain conditions apply to the PFD. For instance, individuals with felony convictions may be ineligible based on the timing of their conviction. Specifically, if a person was incarcerated or sentenced for a felony in 2023, they will not qualify. Additionally, individuals with a misdemeanor conviction in Alaska who have prior felony convictions or two or more misdemeanors since January 1, 1997, may also be disqualified.
Payment Schedule
Payments began to be distributed via direct deposit on October 3, 2024. All paper checks will be mailed out by the end of the month, specifically by Thursday, October 31—Halloween day. The next payment date is scheduled for Thursday, October 24.
Payment Components
The energy relief bonus constitutes $298.17 of the total $1,704 payment, while the PFD itself amounts to $1,405.83.
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