Stimulus check payments are a way for local and federal governments can directly alleviate financial pressure in times of economic downturn. Not only do they help to relieve citizens of immediate expenses, but they also promote spending in the economy in order to prevent a recession. The last nationwide round of stimulus checks to be sent out by the federal government was during the COVID-19 pandemic. Now, one state is releasing its own round of stimulus payments to citizens.
The federal government releases COVID-19 payments
During the COVID-19 pandemic, widespread job loss and retrenchment occurred, putting significant strain on American families. In April of 2020, the unemployment statistic rose to 14.8%, the highest it has ever been since 1948, post-World War II. To assist with this, the Biden Administration organized three rounds of Economic Impact Payments (EIP) for qualifying families to help cope with this income loss.
The last EIP was distributed to beneficiaries this tax season. When stimulus payments and tax credits are released, eligible recipients have three years to claim the payment. With the third EIP being released in March 2021, this was the final tax season you could claim the $1,400 payment if you had not already done so amid the pandemic. These stimulus payments are the last payments the federal government has released to the nation.
$1,700 payment date for these three groups
While the federal government has not confirmed that they are releasing any other new stimulus payments anytime soon, state governments have their own initiatives for citizens, which will see additional payments being sent out. One such state, which is set to release payments for its citizens as a result of their own projects, is Alaska through the Permanent Fund Dividend (PFD).
The Permanent Fund Dividend is managed by the Alaska Permanent Fund Corporation, whereby citizens can share in the profits of the state’s oil and mineral reserves. This year, the payment for qualifying Alaskans is set to be $1,702, a 30% increase from last year’s payment. To be eligible to receive the payment, you must have been a citizen of Alaska for at least one year, been physically present in Alaska for at least 72 consecutive hours in the past 24 months, not have been imprisoned for a felony in the last 12 months, or for a misdemeanor if you have more than two convictions since January 1, 1997, and you must have submitted an application by 31 March.
According to the Alaska Department of Revenue, these three groups can expect their payments to be released in the next two months:
- 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
No confirmation on new $5,000 stimulus payment
While Alaskans await their payment from the Permanent Fund Dividend, citizens across other states may have been hearing rumors circulating of a $5,000 stimulus payment set to be released by the federal government for eligible taxpayers. According to reports, the payment would be distributed if the Department of Government Efficiency (DOGE) were to achieve its federal savings goal.
However, not only has this payment not been confirmed by the Trump Administration, but it is also calculated based on the original DOGE savings goal of $2 trillion. This has since been revised to $150 billion, meaning that if this payment were to occur, it would be closer to a $1,000 stimulus payment. Furthermore, the payment was based on an idea on a social media platform X and not through official federal channels. It is important to always receive news like this through official sources and not from social media users.
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.
