A new stimulus check payment has been confirmed for some residents in the United States, which will receive stimulus payments for more than $1,300 this month. Since March 2020, the Department of the Treasury (DoT) has issued three stimulus checks known as Economic Impact Payments following the Coronavirus Aid, Relief, and Economic Security Act (CARES), the COVID-related Tax Relief Act, and the American Rescue Plan. However, other institutions provide such benefits, and you may be eligible for them.
Institutions providing a new stimulus check payment
Aside from the DoT, other institutions give a monthly or yearly stimulus check payment, such as Sovereign Wealth Funds (SWF), which are state-owned institutions that invest in financial assets or private equity in the same way as hedge funds do. The oldest of these institutions is the Texas Permanent School Fund, which was established in 1845 to fund public education in Texas.
In 1976, the Alaska Permanent Fund Corporation (APFC) established and operates the Alaska Permanent Fund. The goal of this fund is to convert nonrenewable natural resources into renewable financial resources by consistently protecting the fund’s capital while maximizing returns. According to the annual report for 2023, the AFPC has a total fund value of $78 billion and is funded by oil and mining royalty revenue as well as returns on investments, stock dividends, bond interest, and real estate cash flow.
Stimulus check payment eligibility criteria
As a portion of their mineral revenues, Alaskans receive an annual payment from the Permanent Fund Dividend Division (PFD) overseen by the Alaska Department of Revenue. To be eligible for this stimulus check payment you must apply every year and fulfill the following requirements:
- Be a resident of Alaska during the preceding calendar year of the date that you apply for the Permanent Fund Dividend (PFD).
- You should not have claimed residency in any other state or country or received a benefit from other states since December 31—two years before the date that you applied for PDF. (For instance, if you apply in 2024, you cannot have lived in any other state or country after December 31, 2022).
- You must not have been sentenced, jailed, or incarcerated for a misdemeanor in Alaska within the calendar year preceding the date of application (this last requirement applies if you have been convicted of a past felony or two prior misdemeanors since January 1st, 1997).
- Have an allowable absence if you are gone from Alaska for more than 180 days. In addition, you should have spent at least 72 consecutive hours in Alaska during the two years preceding the date you applied for PDF.
- Have the intention of remaining an Alaska resident indefinitely. This is indicated by maintaining relationships that reflect Alaskan residency, such as:
- Moving your household belongings to Alaska.
- Having a lease or a rental agreement signed by you.
- Proof of purchasing a home.
- Boat harbor fees for a primary residence vessel.
- An Alaska Driver’s License.
- Be a beneficiary of Alaska state benefits that also require proof of residency.
- Voter registration.
Although the application procedure for this year has closed (January 1st through March 31st), if you have already applied and met all of the conditions, the Permanent Fund Division (PFD) has designated the following timetable for the distribution of the stimulus check payment. If you have applications for 2023 and prior years that are in the “Eligible-Not Paid” status:
- On March 13th, 2024: the stimulus check payment was mailed on March 13th, 2024.
- On April 10th, 2024: the stimulus check payment will be mailed on April 18th, 2024.
- On May 8th, 2024: the stimulus check payment will be mailed on May 16th, 2024.
Don’t forget that this year’s stimulus check payment amount was set at $1,312. As a result, it is critical to ensure that your address has not previously been returned as undeliverable by the US Postal Service.