$3,200 Oil-Wealth Checks Arriving In A Few Weeks – 24/7 Wall St.

Alaska residents will soon be getting stimulus checks from the state government of up to $3,200. This stimulus check for Alaska is actually not a stimulus check, but rather annual dividends (popularly called oil-wealth checks) that the state regularly pays out. Governor Mike Dunleavy approved the payment earlier this year, and eligible residents will start getting the payment as soon as this month.

Stimulus Check For Alaska: What Is It?

In May, Gov. Mike Dunleavy and the state legislature approved the annual budget. The budget included a provision to send a $3,200 payment to eligible residents before the end of the year.

This stimulus check for Alaska is an annual dividend that the state pays to residents to share the state’s oil wealth. The state will use the Alaska Permanent Fund, which was created in 1982, to fund the dividend payment.

“This budget is more than a spending plan; it’s a blueprint for Alaska’s future. Budgets should reflect the values ​​and ambitions of the people they are designed for, and I believe this legislation accomplishes that,” Governor Dunleavy said.

Initially, the state Senate proposed oil-wealth checks of $5,500 to eligible residents. Further negotiations, however, resulted in lowering the amount to $3,200, according to Alaska Public Media. Still, the payment is the second largest in the state’s history after adjusting for inflation.

A point to note is that this year’s check combines two checks, one is the usual dividend check of $2,550 and the other is the $650 energy relief payment.

Oil-Wealth Checks: Who Will Get Them And When?

Eligible residents can expect the oil-wealth checks in their bank accounts on September 20. Residents who will get the payment through paper checks will have to wait until October.

Alaska usually pays dividends in October, but this year, lawmakers decided to move forward the payment to help those struggling with the high price of energy and gasoline. In 2020 also, the payment was expedited because of the COVID-19 pandemic.

“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,” Governor Dunleavy said in a tweet last month.

Residents need to apply for this stimulus payment. Those who have been residents of the state for the past calendar year prior to their application date for the dividend will be eligible for this stimulus check for Alaska. Also, applicants must intend to continue living in the state indefinitely.

According to the state’s Department of Revenue it is processing more than 78,000 applications to determine their eligibility for the payment. Applicants can check the status of their application through the website created by Alaska’s Department of Revenue, using their driver’s license or any other state-issued ID.

This article originally appeared on ValueWalk

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