Stimulus update: Direct payment worth $1,312 being sent from Alaska fund in five days

Alaska will send out a second mass disbursement of payments from its Permanent Fund Dividend to eligible residents in five days.

A group of eligible residents received their payments during the first mass disbursement earlier this month, and the second mass disbursement of payments, worth $1,312 each, will be delivered to more eligible Alaskans on Oct. 26, according to the state’s Department of Revenue.

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Payments from the second mass disbursement will be sent to those who submitted their application either electronically or by paper and requested to have the payment sent via direct deposit or paper check. For the disbursement being sent in five days, applicants must be confirmed as eligible for the payment by Oct. 18.

An applicant must be an Alaskan resident who intends to remain a state resident indefinitely and not be a convicted felon or claim residency in another state during that year to be eligible for the program. Residents can apply for the program from Jan. 1 to March 31 each year.

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

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“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.”

The amount for the state’s Permanent Fund Dividend is determined by mineral revenues for the state that year, and Alaska officials say the program is meant “to benefit current and future generations.”