New $1,702 payment in 4 days: Here's what you have to do and the only criterion

Alaska has recently announced a new stimulus check payment to provide financial relief to families of the state. Approximately 60 000 residents of Alaska will benefit from this payment, providing much needed financial assistance as the 2024 year comes to a close. Many families struggle to keep up with expenses as the year slows to a halt, and this payment is sure to be welcomed by qualifying individuals.

PFD releases stimulus checks to residents

The Alaska Permanent Fund Dividend (PFD) has been releasing stimulus checks to eligible residents throughout the month of October. The first payment date was the 3rd October 2024. If you did not receive your payment, the next payment date is set to be the 24th October 2024. The PFD fund is an annual payment orchestrated by the Alaskan government to allow residents to share in the state’s minerals revenue in the form of stimulus payments.

Last year, the payment sent out to residents amounted to $1,312. This year, residents will see a boost in payment amount and can expect to receive $1,704 in payments. The PDF payment amounts to $1,403 with the additional Energy Relief payment equating to $298.17. In total, this will bring residents payment to $1,704. Nearly all Alaskan residents will be qualified to receive the payment, barring some exemptions.

Minimum eligibility criteria

Unlike other stimulus check payments which usually come with income limits for eligibility in order to target low-income households, the payment by the PDF is intended to benefit all residents of Alaska and therefore, the eligibility criteria is minimal. To receive the 2024 payment, applicants must have lived in Alaska for the 2023 calendar year and must not have been absent from residing in the state for long period of time except for military service and education reasons.

While the payment was originally intended to allow families to share in the states mineral profits, it has grown in to a vital resources which families await each year. Alaska has a high cost-of-living, ranking in as the fourth most expensive state to live in. This is mostly due to Alaska’s geographical isolation compared to other states. Many parts of the state are only accessible by sea or air, and therefore importing products into the state is expensive.

Alaska remains a location with a high cost-of-living

In addition to Alaska’s geographical isolation, the state is fairly remote with less than 800,000 residents. For comparison, New York City alone has a population of 8 million. The small population of the state means that competition is not high and local businesses can take advantage of this and drive up their prices. The state also receives significant variations in seasons, most notably their cold winters which sees Alaskan residents spending more on heating.

Despite the high cost-of-living and cold winter, Alaskan residents enjoy a unique lifestyle compared to other states. With stunning natural beauty, the state is perfect for nature lovers and outdoors fanatics. Part of what makes Alaska unique is that in summer, the sun remains present all day with practically no night coverage. Conversely, In Utqiagvik, the northernmost town in Alaska, residents will see a total of 67 days of complete darkness with no sun. These dark days vary among locations in the states.

While some could not fathom the idea of living in Alaska year-round, local residents could not imagine living anywhere else. Residents can look forward to putting their $1,704 payment towards gearing up for the long winter ahead or preparing for upcoming festive celebrations. As states continue to navigate the complexities of economic recovery, these stimulus initiatives like Alaska’s offer a promising avenue for enhancing financial stability and fostering community resilience during period of economic and financial difficulty.