Stimulus payments are a delightful surprise for many individuals. Designed to deliver prompt financial assistance and encourage spending within the economy, these payments are allocated at both federal and state levels. The COVID-19 pandemic was a significant period for stimulus payments, during which the federal government issued three rounds. This month, residents of Alaska can anticipate a new stimulus payment reflecting their share of profits from the sale of state resources.
The IRS is continuing to distribute unclaimed stimulus checks
Stimulus checks play a vital role in supporting citizens during challenging times. During the COVID-19 pandemic, the federal government acknowledged the financial difficulties many faced. With numerous individuals losing their jobs, many became highly vulnerable. To alleviate this situation, three rounds of stimulus checks were made available to assist with unexpected expenses stemming from the pandemic.
Recently, the federal government has been issuing unclaimed stimulus checks that were leftover from the COVID-19 relief efforts. An estimated $2.4 billion in payments remain unclaimed, with around one million eligible individuals not having claimed this credit when it was first distributed. The IRS commenced sending these credits automatically to qualified individuals earlier this year.
$1,702 stimulus payment for eligible individuals
While stimulus payments can be distributed at the federal level, akin to the COVID-19 payments, they can also be allocated at the state level. This month, Alaska residents can expect to receive stimulus payments as part of the 2025 Permanent Fund Dividend (PFD) managed by the Alaska Department of Revenue. This fund was established by the Alaskan government to enable residents to partake in the profits derived from the state’s mineral wealth.
“Our mission is to administer the Permanent Fund Dividend program, ensuring that all eligible Alaska residents receive dividends in a timely manner, fraud is prosecuted and all stakeholders, both internal and external, are treated with respect,” stated Genevieve Wojtusik, division director of the fund.
This year, the payments total $1,702. Payments began distribution in October of the previous year, 2024, with the last round scheduled for March 20, 2025. To be eligible for the payment, applicants must meet the following criteria:
- You must have been a resident of Alaska for one full calendar year prior to applying.
- You must intend to remain an Alaska resident indefinitely at the time of application.
- You must have spent a minimum of 72 hours in Alaska during the last 24 months.
- You must not have been incarcerated for a felony in the last 12 months, nor for a misdemeanor if you have been convicted of more than two offenses since January 1, 1997.
While the final round of payments was issued on March 20, additional payments are still to come later this year:
- Dividend requests for 2024 (and prior years) marked as “Eligible-Unpaid” by April 9, 2025, will be distributed on April 17, 2025.
- Requests for dividends from 2024 (and earlier years) labeled “Eligible-Not Paid” by May 7, 2025, will be disbursed on May 15, 2025.
States continue to support low- and middle-income residents
Stimulus checks have been noted for their particular benefit to low- and middle-income individuals. Additionally, states have implemented other measures to aid these residents. Numerous states offer their own forms of tax rebates and government programs. One notable program is Florida’s TCA, designed to assist low-income families with children under 18. This program provides temporary financial support to these families as they seek more stable employment. To qualify for the state program, applicants must meet several criteria.
