Stimulus update: Payment worth $1,312 to be sent from Alaska fund in one day

Eligible Alaska residents are set to receive their annual payment from the Permanent Fund Dividend in one day.

The state’s Department of Revenue said it would be sending the first mass disbursement of the $1,312 payments on Oct. 5, followed by an additional disbursement later in the month to residents who do not receive their payment during the first round.

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Alaska residents who filed their application electronically, requested direct deposit, and had the “eligible not paid” status as of Sept. 21, according to the state, will receive their payment this week. Residents 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 on Thursday.

“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 about the 2023 payment.

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

The Permanent Fund Dividend amount 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.

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Residents in the state can apply for the program from Jan. 1 to March 31 of each year. There are exceptions for some people to apply at different times outside of the regular three-month period, according to the state.

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.