Stimulus payments are a most welcome surprise for most people. Intended to provide immediate financial relief as well as stimulate spending in the economy, these payments are distributed at both the federal and state levels. COVID-19 was a particularly important time for stimulus payments, with the federal government releasing three rounds of payments. This month, residents of Alaska can expect to receive a new stimulus payment coming their way. This is their share of profits generated by the sale of state resources.
The IRS is still sending out unclaimed stimulus checks
Stimulus checks form an important part of helping citizens during times of crisis. During the COVID-19 pandemic, the federal government recognized the financial crisis the pandemic held for many people. Many people lost their jobs during the pandemic, leaving them incredibly vulnerable. To address this, three rounds of stimulus checks were released to the public to help cover the unforeseen expenses caused by the pandemic.
Recently, the federal government has been sending out unclaimed stimulus checks, which are leftover from the Covid-10 relief. Approximately $2.4 billion worth of payments have been unclaimed. Approximately one million eligible individuals did not claim this credit at the time it was released. The IRS began sending out these credits automatically to qualified individuals earlier this year.
$1,702 stimulus payment for these individuals
While stimulus payments can be sent at a federal level, like the COVID-19 payments, they can also be released at a state level. This month, residents of Alaska can soon start to expect to receive stimulus payments. These payments are due to the 2025 Permanent Fund Dividend (PFD) by the Alaska Department of Revenue. This fund was set up by the Alaskan government to allow residents to share in the profits of the state’s mineral wealth.
“Our mission is to administer the Permanent Fund Dividend program, ensuring that all eligible Alaska residents receive dividends in a timely manner, fraud is prosecuted and all stakeholders, both internal and external, are treated with respect,” said Genevieve Wojtusik, division director of the fund
This year, the payments amount to $1,702. The payments began to be distributed in October of last year, 2024, with the final round being released on March 20, 2025. To receive the payment, the following criteria must have been met by anyone claiming the funds:
- You must have been a resident of Alaska for one calendar year before the date of application
- You must intend to remain an Alaska resident indefinitely at the time of application
- You must have spent at least 72 hours in Alaska during the past 24 months
- You must not have been imprisoned for a felony in the last 12 months, nor for a misdemeanor if you have been convicted of more than two offenses since January 1, 1997.
While the last round of payments went out on March 20, the following payments are still to be made later in the year:
- Dividend requests for 2024 (and previous years) where the status is “Eligible-Unpaid” by April 9, 2025, will be distributed on April 17, 2025.
- Requests for 2024 (and prior years) dividends where the status is “Eligible-Not Paid” by May 7, 2025, will be distributed on May 15, 2025.
States continue to help low- and middle-income residents
Stimulus checks have been identified to particularly benefit low- and middle-income individuals. States have also taken other initiatives to help these residents. Many states have their own forms of tax rebates as well as government programs. Florida’s TCA program is one such well-known program that is intended to assist low-income families with children under the age of 18. The program provides temporary financial assistance for these families while families seek more permanent and stable employment. To be eligible for the state program, you must meet several qualifying criteria.
