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

A large swath of residents in Alaska who are eligible for the Permanent Fund Dividend will receive their annual payment from the program later this month after the first disbursement went out on Thursday.

The second mass disbursement for the program is set to be sent to eligible residents on Oct. 26, with each payment worth $1,312. The first mass disbursement of the dividend was sent out on Thursday.

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Those receiving their check during the second disbursement 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.

“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. “I would like to thank our Permanent Fund Dividend Division for their tireless work year-round in administering the program and processing the applications.”

“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.”

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

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

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.