Stimulus update: Direct payment worth $1,312 being sent from Alaska fund today

Alaska residents who are eligible for the Permanent Fund Dividend will begin to receive their annual payment from the program on Thursday.

The first mass disbursement of the dividend will be sent out on Oct. 5, followed by a second mass disbursement being sent out to other eligible residents on Oct. 26. Each payment is worth $1,312 according to the Alaska Department of Revenue.

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Residents who filed their application electronically, requested direct deposit, and had the “eligible not paid” status as of Sept. 21 will receive their payment this week. Alaskans who have yet to be paid his or her 2022 or earlier yearly dividends and are “determined eligible during this time” will also be paid by the state program at this time.

The second mass disbursement later this month will include those who submitted their application either electronically or by paper and requested to have the payment sent via direct deposit or paper check. For this disbursement, applicants must be confirmed as eligible by Oct. 18, to get the payment on Oct. 26.

“The 2023 PFD marks the 42nd year Alaskans have received their share of the state’s natural resource wealth. I would like to thank our Permanent Fund Dividend Division for their tireless work year-round in administering the program and processing the applications,” Alaska Department of Revenue Commissioner Adam Crum said in a statement.

“This year, we processed over 8,000 more applications than in 2022,” he continued. “The 2023 PFD will inject nearly $1 billion into the state’s economy and directly into the hands of Alaskans.”

From Jan. 1 to March 31 of each year Alaskans can apply for the program. Exceptions do exist for some people to apply at different times outside of the regular three-month period, according to state officials.

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To be eligible for the state’s dividend program, an applicant must be an Alaska resident who intends to remain a state resident indefinitely when filling out the application. The resident applying must also not be a convicted felon and not be claiming residency in another state during that year.

The amount for each payment sent by the Permanent Fund Dividend is determined by mineral revenues for the state that year, with Alaska officials saying the program is meant “to benefit current and future generations” of the state.