In the second half of May 2024, some residents of Alaska, United States, They will be waiting for a long-awaited “stimulus check”, coming from the Permanent Fund of Dividends (PFD, for its acronym in English). This additional payment, expected to arrive on the 16th of the month, is intended to help offset inflation costs and cover essential expenses for beneficiaries and their families.
The amount of the stimulus check for this period reaches US$1,300 per resident eligible, thanks to the income generated by the state’s oil and mining industry throughout the year. These funds, distributed through the PFD, represent an essential part of Alaska’s economic policy, which seeks to transform non-renewable natural resources into renewable financial resources for the benefit of its citizens.
Alaska Permanent Fund dividend program started in October last year with the distribution of the payment corresponding to the year 2023, which amounted to US$1,312 per eligible resident. This fund, valued at US$78,000,000,000 according to the 2023 Annual Report, is made up of oil and mining royalties, investment income, stock dividends, bond interest and real estate cash flows.
Alaska’s constitution stipulates that dividend payments must represent the less 25% of the total value of the fund, thus ensuring a constant flow of benefits for residents. This stimulus seeks to balance protecting the fund’s capital with generating income for future generations of Alaskans.
What are the requirements to receive the FPD in Alaska?
These requirements include continuous residency in Alaska for all of 2023, no claims to residency in other states or countries since December 2022, and physical presence in Alaska for at least 72 consecutive hours during 2022 or 2023.
Stimulus check payments are distributed according to a schedule established by the PFD. For this year, the payment corresponding to May 16, 2024 will be sent to those residents whose applications are in “Eligible-Unpaid” status until May 8, 2024. It is essential that beneficiaries verify that their mailing address is correct and up to date to avoid delivery mishaps.
Although the PFD stimulus check represents financial relief for many Alaskans, it is crucial to maintain proper management of the fund to ensure its long-term sustainability. Some legislative proposals have emerged in relation to the dividend system, seeking to modify the state constitution to regulate payments more specifically and effectively.
#stimulus #check #receive