$1,702 Stimulus Checks Hitting Accounts in March – Banks Overwhelmed by Massive Payouts

Great news for Alaska residents – apply for 2025 PFD stimulus payment!

Alaska residents can receive a special financial aid every year, called the Permanent Fund Dividend (PFD). This amount is derived from the state’s oil revenue and is distributed to eligible residents. If you are an Alaska resident, be sure to submit your application before the March 2025 application deadline.

However, the final amount to be received this year has not been decided yet. Let’s know the important information related to it.

How much amount will be received?

Alaska Governor Mike Dunleavy has proposed that every resident be given an amount of about $3,900. But the approval of the legislature and review of the state budget is necessary to approve this proposal.

If this amount is approved, then $1.5 billion will need to be withdrawn from Alaska’s constitutional budget reserve to release it.

However, if the funding formula from previous years is followed, in which 25% of the Alaska Permanent Fund’s annual withdrawal is set aside for the PFD payment, this year’s payment could be around $1,400.

What is the PFD and how is it determined?

The Permanent Fund Dividend (PFD) program was started in 1976 to distribute a portion of oil revenues to state residents.

The amount of the PFD payment changes each year. For example:

• In 2022: Residents received $3,284.
• In 2023: It dropped to $1,312.
• In 2024: The payment was set at $1,702.
• In 2025: The estimated amount could range from $1,702 to $3,900, depending on the state’s economic situation and budget decisions.

Importance of PFD in Alaska’s economy

PFD payments play an important role in Alaska’s economy. People use this amount for rent, home installments, electricity bills, food and other essential expenses. Some people also spend it on medical expenses, tuition fees and school needs.

Some residents also use this payment for future financial security. However, there is a debate whether a greater share of the revenue should be given to residents or it should be invested in education and health services.

Eligibility for PFD

You must live in Alaska for the entire year 2024 to receive the 2025 PFD stimulus payment.

People who have been out of state for more than 180 days will not be eligible, unless their absence is due to approved reasons such as military service, education, or medical treatment.

Also, those involved in any type of serious criminal activity (felony) in the past year will not receive this payment.

Application Process:

• Applications began on January 1, 2025 and will close on March 31, 2025.
• If you apply after the deadline, your application will not be accepted.

When and how will you receive a PFD payment?

• Approved applicants will be issued payments in October 2025.
• The stipend will automatically move directly from the employer’s account into the bank account of direct deposit users.
• Others will receive a check in the mail.

Important:

The PFD amount will be taxable!

• The IRS (Internal Revenue Service) considers this amount as taxable income, so it will be mandatory to add it to your tax filing.

Conclusion

The PFD is an important financial aid for Alaska residents, and its payment in 2025 can range between $1,702 to $3,900. If you are eligible, apply before the deadline and take advantage of this benefit.

FAQs (Frequently Asked Questions)