SOME Americans are set to see vital payments shrink to $1,000 in October.
The money comes from a longstanding program in a prominent state that dates back to the 1970s.
Officials created the Alaska Permanent Fund Dividend (PFD) to help ensure its natural resource revenue, specifically from oil, was shared with residents.
It’s grown to become one of the biggest sovereign wealth funds in the entire world worth more than $80 billion, according to recent report from Futbolete News.
The direct payments sent out to Alaskan residents are adjusted regularly as the oil revenue can be volatile.
Last year, the 2024 PFD amount was $1,702.
That has been slashed by $702 this year, with the 2025 PFD amount officially standing at $1,000, per the State of Alaska Department of Revenue.
To get the cash residents must meet three crucial criteria.
ELIGIBILITY
First, they must be a legal Alaskan resident that plans on staying in the state for their entire life.
Second, residents must’ve been within Alaska for at least 72 hours in a row each of the past two years (so throughout 2023 and 2024).
Lastly, eligible Alaskans for the PFD payment cannot have claimed residency in another state or location in the last two years.
Additionally, anyone with convictions or felonies cannot get the cash.
A deadline to file for the 2025 PFD amount was on March 31, so those who missed the window must wait until next year.
Alaskans who filed before the deadline and meet the eligibility criteria will get payments on three different upcoming dates.
Those who completed the application online and selected that the $1,000 be deposited directly in their bank account will get paid first on October 2.
For qualifying applicants that either filed by paper or chose to get a paper check in the mail will get it on October 23.
Alaska PFD vs Stimulus Checks
The PFD payment is a bit different than the stimulus check Americans received during the pandemic.
The PFD is made to residents of a specific region from the earnings of a permanent or sovereign wealth fund.
Alaska has a sovereign wealth fund called the Alaska Permanent Fund, established in 1976.
It is funded mainly through the revenue produced from Alaska’s oil and gas reserves.
Every year, part of the funds are distributed to Alaskan residents as dividends.
Any remaining applications that remain in “Eligible-Not Paid” status after November 12 will then be distributed on November 20.
So, all eligible Alaskans for the PFD payment can expect payment by that date no matter how they filed.
INFLATION-BUSTING FUNDS
One-time checks are also going out in other states like New York.
About 8.2 million residents will get up to $400 as part of a new adjustment of the state’s budget.
Governor Kathy Hochul announced the move in May, with the “inflation-busting” funds set to help them afford necessities.
Eligible New Yorkers didn’t have to apply for the checks, and will instead be sent them directly throughout October and November.
A full list of qualifying criteria is available on the New York Department of Taxation and Finance website.
Many Americans are also getting $1,100 energy bill credits in October.
At least five relief checks up to $1,500 are available this year for certain people as well.
Number of Recipients by Region
Approximately 8.2 million New Yorkers will receive checks.
- New York City: 3.53 million
- Long Island: 1.25 million
- Mid-Hudson: 924,000
- Western New York: 585,000
- Finger Lakes: 513,000
- Capital Region: 475,000
- Central New York: 321,000
- Southern Tier: 251,000
- Mohawk Valley: 198,000
- North Country: 156,000
