$1,702 Stimulus Payment – When Will the Permanent Fund Dividend and Energy Relief Checks Be Issued?

Alaska has officially announced the much-anticipated Permanent Fund Dividend (PFD) payment for 2024, bringing positive news for the state’s residents. For 43 years, the PFD has distributed a share of Alaska’s natural resource earnings to its citizens, and this year’s payment will include both a regular dividend and a special energy relief payment. In total, eligible Alaskans will receive $1,702.

This announcement from the Alaska Department of Revenue marks a significant increase in the PFD compared to previous years. Commissioner Adam Crum emphasized the positive impact these payments will have, stating that the 2024 PFD will provide “economic opportunity across all of our local communities.”

Let’s cut into the details of what the payment includes and when Alaskans can expect to receive their money.

Amount

This year, the total PFD payment of $1,702 consists of two parts: the standard dividend of $1,403.83 and an energy relief payment of $298.17. The energy relief portion was approved last year, recognizing the increasing energy costs that many Alaskans face.

Compared to last year’s PFD, the amount has increased by approximately $400, providing additional support to residents. This higher dividend will benefit nearly 600,000 Alaskans who are expected to qualify for the payment this year.

Payment Schedule

Alaska residents wondering when their payments will arrive can rest assured the dates have been clearly laid out. The Alaska Department of Revenue has outlined specific disbursement dates depending on how citizens applied for the PFD.

For those who filed online and selected direct deposit, the first disbursement will be made on October 3, 2024. This method typically provides the fastest access to funds.

If you filed by paper or opted for a paper check, your payment will be slightly delayed. The second disbursement is set for October 24, 2024.

The department also provides continuous monthly disbursements as applications are approved, so if your application is in “Eligible-Not Paid” status by specific dates, you can expect payments on the following schedule:

• Applications in “Eligible-Not Paid” status by September 4, 2024, will receive payment on September 12, 2024.
• Applications in “Eligible-Not Paid” status by September 20, 2024, will receive payment on October 3, 2024.
• Applications in “Eligible-Not Paid” status by October 14, 2024, will receive payment on October 24, 2024.

Energy Relief

The energy relief payment included in this year’s PFD aims to address the rising cost of energy in Alaska. Given Alaska’s colder climate and reliance on heating fuel and electricity, energy expenses can be high. This additional payment of $298.17 is intended to help Alaskans manage these costs.

The energy relief portion is particularly meaningful in rural areas, where energy prices tend to be significantly higher than in urban regions. By adding this extra support, the state is helping to ease the financial burden on residents as energy costs fluctuate.

Economic Impact

With 600,000 Alaskans eligible for the payment, the 2024 PFD will inject a substantial amount of money into the local economy. The direct distribution of this wealth helps stimulate spending on essential goods, services, and housing, and creates a boost for small businesses across the state.

For many households, especially those in lower-income brackets, the PFD represents a significant portion of their yearly income. It’s not uncommon for families to use these funds for major purchases, home repairs, or to cover energy bills for the colder months. The increase in this year’s dividend will likely provide an even larger economic ripple effect.

Future Outlook

Looking forward, the Alaska Permanent Fund remains a crucial element of the state’s economy and financial structure. The fund itself, which is financed by oil revenues and other investments, is designed to provide long-term financial stability for Alaska’s residents.

Although oil prices and market returns fluctuate, the dividend payout continues to play an essential role in the financial well-being of Alaskans. As the state navigates the challenges of energy pricing and market volatility, future PFD amounts may continue to evolve in response to both economic conditions and policy decisions.

This year’s PFD and energy relief payments are a welcome boost for the people of Alaska, and many will eagerly await their payout date.

The state’s ongoing commitment to sharing its natural resource wealth ensures that all Alaskans can benefit from the economic opportunities this unique fund provides.

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