New Stimulus Checks – $1,702 Payments Arriving in Bank Accounts This March

If you’re living in Alaska, now is the time to apply for the latest round of stimulus payments that could be deposited into your bank account after the application process in March. These payments come from the annual Permanent Fund Dividend (PFD), which is funded by the state’s oil revenues. While the exact amount for this year remains uncertain, Governor Mike Dunleavy has proposed a significant payout.

Amount

Governor Mike Dunleavy has suggested that each eligible Alaskan receive roughly $3,900. However, this amount is not final and will be determined during the legislative session. To fund this payout, more than $1.5 billion would need to be drawn from the state’s main non-permanent fund savings account, the Constitutional Budget Reserve.

Dunleavy’s proposal is based on an old formula that has not been used in over a decade. If lawmakers decide to use the more current formula, which allocates 25% of the state’s annual drawdown from the Alaska Permanent Fund, the payout would be around $1,400 instead.

PFD

The Permanent Fund Dividend (PFD) is an annual payment given to eligible Alaskan residents from the state’s oil revenue profits. It was established in 1976 to share some of the state’s resource wealth with its citizens.

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The amount of the PFD changes yearly based on oil revenues and state investments. The 2024 PFD was higher than the 2023 payment. However, the estimated amount for 2025 is expected to be the same as in 2024, which is still lower than the 2022 payment.

Economy

The PFD checks, including the latest $1,702 payments, have a significant impact on Alaska’s economy. Many residents rely on these funds to cover daily expenses, rent, mortgage payments, energy bills, and medical costs. Some also use the money for tuition fees and school supplies.

Financial experts suggest that Alaskans save a portion of their PFD checks to prepare for future needs. However, debates continue about whether larger payments should be made to residents or if the funds should be redirected to public services like healthcare and education. Legislators are also concerned about the long-term sustainability of these payments.

Eligibility

To qualify for the PFD stimulus check, applicants must meet specific residency requirements:

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• They must have lived in Alaska for the entire 2024 year.
• Individuals who spent more than 180 days outside Alaska in 2024 are not eligible unless they were away for approved reasons, such as military service, education, or medical treatment.
• Those who committed felonies in the last year are disqualified.

The application period runs from January 1 to March 31, 2025, and late applications will not be accepted.

Payment

For those who qualify, the PFD stimulus checks will be distributed in October 2025. However, it’s important to note that the IRS considers these payments taxable income, so recipients should plan accordingly.

Alaska’s PFD program remains a crucial financial resource for residents, but discussions continue about its future, potential changes, and how best to use the state’s oil wealth. As the legislative process unfolds, Alaskans will have to wait and see what final amount is approved.

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