Residents of Alaska will begin receiving a stimulus check of $1,704 from the state’s PFD beginning this week. Alaska gives this money away to its residents because that’s what the law calls for and because Alaska is a cash cow—it makes its money from the revenue it gets from selling natural resources.
Known as the Permanent Fund Dividend, which many Alaskans greatly look forward to because it helps them defray the incredibly high cost of living in the state. This year there will be an extra energy relief payment added to the regular dividend to help families prepare for the harsh winter ahead.
Payment dates for the Alaska stimulus check
Stimulus check dates have already been set. The first round began on October 3, 2024 and those who filed their applications right and chose to be paid directly have already started getting their payments. Don’t worry though if you haven’t yet gotten your payment. There’s scheduled to be a second payment round on October 24.
Remember that although many of Alaska’s residents will be able to access this check, they are not eligible if they did not live in the state through 2023 or for an extended period elsewhere. Those who were absent for reasons such as military service or education are exempt from getting it, and those convicted of some crimes don’t get it.
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Breakdown of the stimulus check
There are two types of $1,704 that are divided. The Permanent Fund Dividend itself is $1,405.83 with $298.17 in a state Department of Revenue-approved addition of an energy relief bonus. The reason why this bonus is included is to aid residents who feel the high energy costs, particularly during Alaska’s long, cold winters.
Economic challenges facing people living in Alaska are different from people who live in non-extreme weather conditions. As in many places, the balance between residents’ need for heating and transportation and the associated energy costs is particularly heavy. That’s why the energy relief payment is such an important form of assistance for so many families.
Who is eligible for the check?
Those who have lived in the state for the whole year 2023 would only be able to receive the Alaska stimulus check. It is a basic prerequisite for receiving the annual Permanent Fund Dividend. Nevertheless, as noted above, it’s possible to make an exception for those who were forced to leave the state for justified reasons, including military service or when attaining a university degree is out of state.
However, residents who have been convicted of serious crimes or who are currently serving sentences for minor offenses will not be eligible for this benefit in 2024. These restrictions are put in place so that only those people who have directly worked and helped build Alaska will be able to benefit from this economic stimulus.
How to apply for the stimulus check
If you’re eligible for this check but haven’t yet finished or started your application, you should make sure you get it in as soon as possible so you don’t miss out.
If you are new to the state or have questions about the application, Alaska’s Department of Revenue provides everything you need to get you through the process, and most residents have already done so. Additionally, you should use direct deposit as the payment method if you want to receive your payment more quickly.
If you want to get the stimulus payment, you have to have fulfilled the residency requirements, so you had to live in Alaska all of last year. They didn’t count against you unless you had any significant absences and they weren’t for specific reasons like military service or educational commitments outside the state.
The inclusion of an energy relief bonus in this year, especially, should be noted, as again it represents the state’s recognition of Alaska as a place in which expensive living costs are experienced, in particular through heating and energy demands during colder months. Assisted by Alaska’s long winters and high energy use for residents, that relief payment is a lifeline for many.
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Eligible Individuals Could See $1,704 Deposited This Week
The process is straightforward if you apply, but you have to diligently work on the guidelines to avoid delays in receiving payments. The Department of Revenue has made available resources both online and in person to assist people in accessing the process. If you are a longtime resident or a new Alaskan, taking care to make sure you are applying correctly is important to give yourself the perks of this program.
Additionally, as noted, the state also has outreach programs for those who are new to Alaska or simply are not aware of how the process works so that all eligible residents in our state are informed and able to access their benefits. The answers to these questions are an explanation of eligibility and how the dividend is calculated, as well as help completing the paperwork.
The fact that the state is committed to transparency in this process helps residents understand how the funds are disbursed and who should receive payment.
It’s also important to remember that the Permanent Fund Dividend isn’t a ‘once in a lifetime’ deal, as there’s an ongoing program in place for sharing Alaska’s wealth with its residents.
The state continues to return a portion of its earnings from natural resources each year to those who live in the state so we all prosper from the state’s wealth. The energy relief bonus tacked on to the program this year signals the state’s ability to adjust to changing resident demands as the cost of living increases and energy expenses weigh on its beleaguered population.
Alaska’s 2024 stimulus check is vital assistance that the residents receive because of the high living costs that the state has. The Permanent Fund Dividend plus the energy relief bonus offer much-needed help to families as we head into the winter ahead.
It’s just important to apply quickly if you’re eligible and haven’t already in order to receive the payment as soon as possible. This program will continue to support the financial well-being of our residents as the state remains committed to them.