Thousands of residents currently living in the state of Alaska are going to receive benefits worth $1702 through the Permanent Fund Dividend. PFD is basically an initiative of the administration to distribute a part of the income earned from gas and oil exploitation to the public. The amount of benefits the beneficiaries will receive this year witnessed a 30% increase when compared to last year’s payment. If you are someone who wants to know more about the upcoming Alaska $1702 Stimulus Payment worth, the following article is for you.
When And How Much Are You Going To Receive In May?
According to the official website of the Alaska Permanent Fund Dividend, the dividend applicants for 2024 (previous years included as well) who are in the “Eligible-Not Paid” status on the 7th of March 2025 will receive their payments on the 15th of May 2025. The checks that will be delivered to the beneficiaries will have two components. The first component is the main dividend worth $1,403.83. In addition to that, the check will also have a bonus of $298.17 to cover energy costs as the second component.
What Exactly Is Permanent Fund Dividend?
The Permanent Fund first came into existence in 1976. They were introduced to ensure a portion of the revenue from oil goes directly to the population. The Alaska Permanent Fund Dividend has taken the responsibility of managing these funds ever since. It is an entity of the state that is also responsible for the management of investments and guarantees the annual distribution to citizens who meet residency requirements. The distribution of this dividend has an impact not only on the individuals but also on the economy. The extra flow of cash helped boost consumption and increase business activities. It also acted as a significant measure of economic stimulus when times were uncertain.
What Are The Eligibility Requirements For Receiving The Benefits Of PFD?
The state of Alaska has specified clear eligibility requirements for the beneficiaries who wish to establish themselves as eligible to receive the PFD. One of the main and most basic requirements is that the applicants must be residents of Alaska throughout the previous year. The applicants must also demonstrate that they have an intention to live in Alaska permanently.
The applicants must fulfill another eligibility requirement to receive PFD, which is to live in the state for a minimum of 12 consecutive months before application. They must not have applied for a residency outside the state of Alaska either. The applicants also need to physically stay in Alaska for a minimum of 72 hours in the past two years.
When it comes to the legalities of the scheme, the applicants have some eligibility requirements they need to fulfill here, too. The state has made it pretty clear that the residents who have been imprisoned for serious crimes for the last 12 months are not eligible to apply. Similarly, those with at least 2 misdemeanor convictions since the first 1st of January 1997, are not eligible to apply either.
What Was The Deadline For Applying To Receive The PFD?
The state specified that the deadline for filing an application for receiving the PFD benefits worth $1,702 was from the 1st of January to the 31st of March 2025. Residents were required to visit the official website of the Alaska Permanent Fund Dividend to apply. Those who fulfill the eligibility requirements and file an application within the deadline will receive the benefits soon.
