In less than two weeks, the State of Alaska will distribute a new series of one-time stimulus check payments from its 2023 Alaska Permanent Fund Dividend, aimed at residents who meet the necessary criteria. Following the initial two distributions in the previous month, which occurred on October 5th and October 18th, the forthcoming allocation, scheduled for November 16th, is part of the state’s commitment as announced by the Department of Revenue.
Each of these payments is valued at $1,312 for the year 2023. Recipients in line for the upcoming payment include those listed with an “Eligible-Not Paid” status as of November 8th, who have not yet received their dividend for the current or any previous year. Take a look and find out if you’re among those lucky recipients that haven’t claimed their money.
Stimulus Check Eligibility and Impact: Alaska’s Permanent Fund Dividend Program
Eligibility for the dividend requires one to be a permanent resident of Alaska with the intention of remaining so indefinitely. Additionally, applicants must not have been convicted of a felony and must not have claimed residency in any other state for the calendar year. The application period for residents opens annually from January 1st through March 31st.
Adam Crum, the Commissioner of the Alaska Department of Revenue, has acknowledged the program’s long-standing history of sharing the state’s resource wealth with its residents, now in its 42nd year. He commended the Permanent Fund Dividend Division for their dedication to operating the program and managing the increased volume of applications, which saw an uptick of over 8,000 from the previous year.
With the 2023 dividend, it’s expected that close to a billion dollars will circulate within Alaska’s economy, directly benefiting its residents. The dividend’s value is correlated with the state’s mineral revenue of that year, and it is designed with the intention of serving both present and future generations of Alaskans.
In the United States, a stimulus check refers to a direct payment from the government to individuals. It’s typically used to stimulate the economy by providing consumers with some spending money when economic conditions are less than ideal, such as during a recession. The checks are meant to encourage consumer spending and are usually issued as part of larger economic relief or stimulus packages.
These payments have been utilized at various times in U.S. history, most notably during significant economic downturns. The most recent large-scale issuance of stimulus checks occurred during the COVID-19 pandemic when the federal government disbursed payments to help Americans cope with the economic impact of the health crisis. The goal was to offset the economic distress caused by job losses, reduced work hours, and other financial burdens experienced by individuals and families due to the pandemic.
What Is Alaska Permanent Fund Dividend?
The Alaska Permanent Fund Dividend (PFD) is a program, unique in its type in the United States, that only exists in the state of Alaska. Established in 1976, the Alaska Permanent Fund is a sovereign wealth fund created to manage a share of the state’s oil revenue for the benefit of current and future generations of Alaskans. The fund invests in a diversified portfolio, and a portion of the annual earnings is distributed to eligible residents in the form of the Permanent Fund Dividend.
The PFD is essentially a yearly payment made to eligible Alaskan residents as a way to share the wealth generated from the state’s natural resources. To qualify for the dividend, individuals must meet certain residency requirements and have been physically present in Alaska for a minimum amount of time during the qualifying period.
The amount of the dividend varies each year based on the fund’s performance and the number of eligible applicants. As for 2023, the stimulus checks are of $1,312 for every Alaska resident.