If you live in the state of Alaska in the United States, you could be eligible for direct payments totaling $5,500.
The Senate has revised the budget to include the $5,500 payments for residents.
This 5,500 dollar sum is distributed in two checks: 4,200 dollars for the Permanent Fund Dividend and 1,300 dollars to help residents cope with rising inflation and rising energy bills.
The House approved 2,600 dollars in April, which is less than the 3,850 dollars approved by Alaska state Governor Mike Dunleavy.
Alaska stimulus payment
The Permanent Fund Dividend could result in a $4,200 payment to Alaska residents.
This dividend, which was established in 1980, distributes money from the state to residents when oil profits are made in the state.
This money is distributed to residents on an annual basis and functions as a form of Universal Basic Income. As part of this scheme, residents were given $1,114 in 2021, for example.
However, the cost of oil has risen dramatically as a result of Russia’s invasion of Ukraine and the subsequent freezing of Russian assets by many countries around the world. Furthermore, the increase in inflation caused by the COVID-19 pandemic has done little to stabilize things.
Eligibility for stimulus payments
Before any payments are made, the budget must be approved.
If you have lived in Alaska for one year, you will be eligible to receive a payment from the Permanent Fund Dividend.
If you go to jail or are convicted of a felony, you will become ineligible and will not be able to receive this payment.
If a person qualifies for both of the proposed payment amounts, they could be eligible for a total of $5,500.
The budget is still being worked out, but if an agreement is not reached between the House and the Senate, a special session will be held.