$1,702 Stimulus Payment: The PFD scheme has always served as a lifeline to the residents of the state of Alaska. These funds are paid once yearly from the state’s oil and energy revenues. The PFD was introduced in 1976 so that Alaskans would directly benefit from the bounty of the state’s natural resources. The high payment of the 2024 PFD will be a real boon to families and the wider economy as more money is circulating through spending and investments.
2024 PFD Amount and Payment Details
This year, the Permanent Fund benefit is set at $1,702, which is a 30% increase from last year. This encompasses the following payments:
| Component | Amount |
|---|---|
| Permanent Fund Benefit | $1,403.83 |
| One-Time Energy Assistance Check | $298.17 |
| Total Payment | $1,702 |
This increase brings a measure of comfort to many families grappling with inflation and rising living expenses.
Eligibility Conditions
An applicant has to be a proper resident and fulfill some legal conditions to be able to receive the PFD:
- Residency: An applicant for the PFD must be one who has been in the state of Alaska for at least one entire year before applying.
- Physical Presence: At least 72 hours must have been spent in the state of Alaska during the past two years.
- Legal Status: An applicant must not have been convicted of a felony during the previous year, and if the applicant was convicted of a drug offense, such an applicant must be one who has yet to be convicted of two or more such felony offenses (after January 1, 1997).
Assuming the applicant has been fulfilling these conditions, the applicant can fill out an application online via mail.
Application Deadlines and Payment Dates
The application for the 2024 PFD can be filed before March 31, 2025. Applications can be registered at pfd.alaska.gov.
For the individuals who were already eligible yet have not been paid, the payments will be scheduled as follows:
- March 20, 2025 – Benefits that were in an “eligible-not reimbursed” status, as of March 12, 2025.
- April 17, 2025 – Benefits that were in an “eligible-not reimbursed” status, as of April 9, 2025.
Payment on these schedules guarantees that the wide array of eligible residents will benefit duly with utmost punctuality.
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Importance of Alaska’s Permanent Fund Benefit
The Alaska Permanent Fund Benefit provides vital financial support for state residents, thereby reaffirming the state’s commitment to sharing much of the Natural Resource earnings with its residents. The increase in benefits this year provides particular respite for families grappling with inflationary pressures and, in turn, supports the state economy.
Such benefits provide the citizens of Alaska with some financial assurance but also keep the state economically alive. As the days close in on the application dates, eligible residents should complete their application as soon as possible, so that they can receive their benefits on time.
Conclusion
Alaska’s Permanent Fund Benefit (PFD) comes as a vital financial help to Alaska residents every year. The $1,702 payment in 2024 is a significant increase, giving relief to many families. Those who are eligible for this benefit should take this opportunity and apply within the stipulated deadline.
FAQs
Q. What is the $1,702 Stimulus Payment?
A. The $1,702 Stimulus Payment is part of Alaska’s Permanent Fund Dividend (PFD) program, which provides residents with financial support derived from the state’s oil and energy revenues. In 2024, the total payout for eligible residents has been set at $1,702, which includes a one-time energy assistance check.
Q. When will the April 2025 Stimulus Payment be sent?
A. The payment for 2024 will be sent in stages. Specifically, the payment for residents in “Eligible-Unpaid” status will be processed on April 17, 2025, provided they meet the eligibility criteria.
Q. Can non-residents of Alaska apply for the $1,702 stimulus payment?
A. No, only residents who meet the state’s residency requirements are eligible for the PFD. You must have lived in Alaska for at least one full year before applying.
Q. What happens if I miss the application deadline?
A. If you miss the application deadline of March 31, 2025, you will not be eligible for the 2024 payment, and you will need to wait until the next year’s application period.
Q. How is the PFD payment amount determined?
A. The PFD payment amount is determined based on the state’s oil and energy revenue and the number of eligible residents. This year, the amount is set at $1,702, which includes both the PFD and the one-time energy assistance check.