SELECT Americans will see extra money instantly hit their bank accounts in the coming days.
The direct payment opportunity comes as part of a program established decades ago in a beloved state.
Payments worth $1,702 are going out to Americans in just days (stock image)[/caption]
In 1976, the Alaska Permanent Fund Dividend (PFD) was created by officials to help manage oil and natural resource profits.
The sovereign wealth fund helps ensure that the cash the state obtains is adequately shared with current and future residents.
Those who apply and are eligible get a one-time stimulus check every year that’s made of a portion of the PFD total from the previous year.
For the 2024 PFD amount, distributions are worth $1,702, which is made up of $1,440 from the fund and an energy relief bonus of $262, thanks to higher oil prices.
Since 2023, the PFD distributions have increased by 30%, and about 600,000 Alaskans get it every year.
Applications submitted by residents from 2024 who had “Eligible-Not Paid” status in previous years will see the money soon on July 17, 2025.
Those who did not have that status will see funds later on August 21.
An application deadline to get a PFD check already passed on March 31, but it will reopen between January 1 and March 31 of next year for the next payment.
Alaskans must’ve meet several qualifications to get the money.
ELIGIBILITY REQUIRED
For this year’s distribution, they must’ve resided in the state throughout the entirety of the 2023 calendar year.
They must’ve also not have claimed residency in another state or country or received benefits from that other state or country since December 31, 2023.
Additionally, eligible Alaskans would not have been convicted of a felony in the last 12 months or been incarcerated to due to a felony or misdemeanor.
PFD applicants also would’ve not been absent from Alaska for over 180 days in 2024.
Alaska certainly isn’t the only state that offers checks as a way to financially assist residents.
Alaska PFD vs stimulus
The PFD payment is a bit different than the stimulus check Americans received during the pandemic.
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.
Many others have guaranteed income programs that do the same.
In Mississippi, there’s The Magnolia Mother’s Trust.
It’s the longest-running guaranteed income program in the United States and offers $1,000 monthly checks over a year to low-income families.
The Abundant Birth Project in California also helps select parents giving birth $1,000 a month for a year.
MONEY MOVE
Alaska also confirmed earlier in July that it would be increasing its minimum wage, affecting around 20,000 workers.
Wages will be up $1.09 to an hourly rate of $13.
Approximately 6.3% of the state’s workforce will benefit, according to the Economic Policy Institute.
Annual paychecks are set to go up by about $925 on average.
Still, some Americans are still at risk of seeing paychecks reduced by 15%.
Others can get a $6,000 deduction as part of a newly implemented law.
