Americans living in The Last Frontier are in for some warm news. Residents will receive a $3,284 stimulus check as a combined income. The payout includes an annual oil-wealth dividend and also a special energy relief payment.
Governor Mike Dunleavy made a Livestream broadcast on his Facebook page on Thursday. It was earlier estimated that the total payout would come to around $3,200.
Residents would have to repeat the process of applying and providing their residency proof to collect the stimulus check. every year the dividends have been paid through the earnings from the APF, the state Permanent Fund.
The amount that is going to the dividend in 2022 stands as 50% of the total authorized. Lawmakers intended that the energy relief payments should be a one-off stimulus check that will provide relief from inflation.
Stimulus Checks Come At Just The Right Time
Governor Dunleavy said that residents were bearing the brunt of high inflation and the situation was the worst since the PFD was started in 1982. He said that the PFD will provide the necessary relief from high prices of groceries and gas even as the state braces for its severe winter.
The stimulus check is particularly helpful for people on the western coast of Alaska which was devastated by Typhoon Merbok. Around 1,000 miles of the coastline were devastated with extensive destruction to both infrastructure and homes.
Many Alaskans view the oil wealth check as an entitlement. This diversified investment fund was done during the laying of the trans-Alaskan pipeline close to 50 years ago and is worth an estimated $73.6B at present rates.
The first check given in 1982 was worth $1,000, while the next year it was $331, the smallest on record. The stimulus check amount has varied over the years. The calculation is normally done on a 5-year rolling average to buffer economic downturns. The previous largest was $2,072, back in 2015. Till last year all the checks combined amounted to $47,049.
