Stimulus payments are a fast and direct way state and federal governments can directly provide financial relief to their residents during periods of economic downturn or crisis. While these payments are usually distributed as a once-off payment based on a current circumstance or plight facing citizens, some states have their own initiatives whereby they organize stimulus payments to residents every year. In this state, you can expect to receive a payment of $1,700 hitting your pockets by August.
COVID-19 saw federal support through stimulus payments
Despite a plethora of rumors that the federal government will be releasing a new batch of stimulus payments to all citizens, with varying amounts reported, the last time a confirmed stimulus payment came from the federal government was during the COVID-19 pandemic when the Biden Administration released three rounds of Economic Impact Payments (EIPs) to help citizens cope with widespread job loss and unemployment levels not seen since the Great Depression.
The last of these EIPs, amounting to $1,400, was available to claim right up until this most recent tax season. While no other planned widespread stimulus payments have been announced by the Trump Administration, the recent passing of the Big, Beautiful Bill will see certain individuals qualify for once-off payments, such as the new ‘Trump Accounts’ which will see families who have welcomed a new baby between 2025-2028 receive a once-off payment of $1,000 to encourage parents to start saving for their children’s future.
$1,700 payment for these qualifying residents
While there are no federal initiatives in the works for a new stimulus payment, residents of Alaska can expect a new payment coming their way very soon. Home to approximately 600,000 residents, Alaska has the unique opportunity whereby residents are able to partake in financial programs specific to the state due to their low population count and rich mineral and oil resources.
Organized by the Alaska Department of Revenue, the Permanent Dividend Fund (PDF) pays out to Alaskans every year in order to allow residents to share in the profits the state has gained from its precious mineral resources. The fund has been in operation since 1980 and is intended to serve as many residents as possible with limited qualifying criteria.
This year, the PDF payment amounts to $1,702. To qualify to receive the payment, the following criteria must have been met:
- You must be a resident of Alaska
- You must have lived in the state for at least 12 months with no plans to leave the state
- You have spent at least 72 continuous hours in the state in the past 24 months if you have a valid reason to be out of state, such as studying or serving in the army
- You have not been incarcerated for a felony within the past 12 months
- If you have been previously convicted of a felony or two misdemeanors since 1997, you cannot have any misdemeanors against you in the past 12 months
When will payments be distributed?
The PDF payments began to be distributed in June of this year and will continue into August. June 18 saw the first round of payments be released for those individuals who had the status of “Eligible-Unpaid” by June 11. If your status was “Eligible-Not paid” by July 9, your payment should have been made by July 17.
If you check your payment status on the official website for the PDF, and your status currently reads as “Eligible-Unpaid” and you were not paid on July 17, you should expect to receive your payment by August 21, provided this status remains the same by August 13. Additionally, if you have not previously applied to partake in the program, you must have applied by March 31 of this year. If not, you will have to wait until next year to partake in the program.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
