Stimulus checks are an efficient and convenient way for local and federal governments to reach their citizens directly to provide immediate financial assistance for imminent expenses facing residents. While the last round of stimulus payments released by the federal government was in 2021 during the COVID-19 pandemic, states have continued to provide their own stimulus payment initiatives to citizens, one of which will be sending out nearly $1,800 to their residents.
Federal support during COVID-19
The power stimulus checks held in providing support to individuals were put to the test during the height of the COVID-19 pandemic. Between March 2020 and March 2021, the Biden Administration released three rounds of stimulus payments, known as Economic Impact Payments (EIPs). These payments came at a critical point during the pandemic, where widespread income and job losses were experienced across the nation, with unemployment at a rate not seen since the Great Depression.
This past tax season was the last chance eligible citizens had to claim the third and final EIP, amounting to $1,400, if you had not claimed it when it was first announced in 2021. Since then, the federal government has not confirmed any additional stimulus payment initiatives. However, states have continued their own stimulus payment practices beyond just support during times of economic hardship.
Citizens in this state will receive nearly $1,800
Citizens of Alaska are soon to be in luck. Every year, the Permanent Fund Dividend (PFD) pays out citizens of Alaska stimulus payments in order for citizens of the state to share in the country’s oil and mineral resource profits. Managed by the Alaska Permanent Fund Corporation, payments began to be distributed in June of this year and will continue through August.
This year’s payment will amount to $1,702, which is a 30% increase from last year’s payment. To be eligible to share in the payment, citizens must meet the following requirements according to the Alaska Department of Revenue:
- You are a resident of Alaska
- You 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
- 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 can citizens expect to receive their payment?
If you submitted your application by March 31 of this year to be part of the program and meet all the criteria, you will soon see your payment released to you if it has not already been. Payment dates are staggered according to the following dates:
- Dividend applicants for 2024 (and prior-year) whose application status is listed as “Eligible-Not-Paid” by June 11 will be paid on June 18
- Dividend applicants for the 2024 (and prior-year) whose application status is listed as “Eligible-Not-Paid” by July 9 will be paid on July 17
- Dividend applicants for the 2024 (and prior-year) whose application status is listed as “Eligible-Not-Paid” by August 13 will be paid on August 21
According to this schedule, two-thirds of applicants have been paid, with the remaining individuals to be paid in the next two months. You can check your application status if you have not yet been paid by visiting the fund’s website. This type of initiative, while unique to Alaska, is an example of how governments can provide programs to support all their citizens in ways that are meaningful and can make a real difference, especially amidst rising cost-of-living. However, Alaska has a population of approximately 600,000, meaning that the state has increased liberty to provide financial support to its small population.
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.
