Alaska will begin distributing its first batch of yearly oil-wealth dividend checks to residents earlier than usual this year, paired with a one-time energy relief payment meant to help Alaskans with high energy costs.
The state will begin sending out direct payments that are set to arrive in bank accounts by Sept. 20, with each resident who applies receiving about $3,200, according to plans unveiled by Gov. Mike Dunleavy and the Alaska Department of Revenue in July. Paper checks are then scheduled to be sent out in October.
ALASKA TO SEND $3,200 'DIVIDEND CHECKS' TO RESIDENTS TO HELP WITH HIGH ENERGY COSTS
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"I am happy to announce that the PFD deposit day will be early this year, on September 20th, and the dividend is expected to exceed $3,200 per person," Dunleavy said in a tweet. "Alaskans have waited 7 long years to receive a fair and sizable dividend, and it couldn't have come at a more important time."
Officials mulled over how much the final payment should be, with the Alaska state Senate initially approving a $5,500 payout. However, that measure failed in the state House in May. Lawmakers then entered into negotiations, ultimately bringing the payment down to $3,200.
Most Alaska residents receive a yearly dividend funded through the state's oil-wealth fund, with payments typically being distributed in the early fall. This year, those payments will be paired with a one-time energy relief payment that is intended to help residents with high energy costs that have sharply increased over the last several months.
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The Department of Revenue is continuing to filter through more than 78,000 applications to determine how many residents are eligible for the benefits, officials said.
Once those are finalized, checks will be distributed starting Sept. 20 for those who applied for direct deposit payments and the week of Oct. 3 for those who requested paper checks.
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Tags: Money, Economy, Alaska, Energy, News
Original Author: Cami Mondeaux
Original Location: Stimulus update 2022: Massive direct check payments worth up to $3,200 to be sent in just 10 days