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

Eligible Alaska residents will continue to receive their payments from the Permanent Fund Dividend in two weeks after the first mass disbursement went out earlier this month.

The program’s second mass disbursement of payments worth $1,312 will be delivered to eligible residents on Oct. 26, according to the state.

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“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.”

The second disbursement will send out payments 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 later this month, applicants must be confirmed as eligible for the payment by Oct. 18.

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An applicant must be an Alaskan resident who intends to remain a state resident indefinitely to qualify for the program. The resident applying must also not be a convicted felon and not be claiming residency in another state during that year. Alaskans can apply for the program from Jan. 1 to March 31 each year.

The payment amounts for the Permanent Fund Dividend are 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.