Gov. Mike Dunleavy announced May 20 that the Permanent Fund Dividend Division will begin distribution of the 2020 PFD to all eligible Alaskans on July 1, three months earlier than normal.
The Alaska Legislature capped the dividend at $1,000 this year rather than paying out the full statutory dividend which would have been $3,100. Dunleavy pushed for the traditional dividend but his proposal was rejected by lawmakers in the ongoing battle to restore payment of a full statutory dividend to Alaskans.
“This has been a difficult situation for everyone – individual Alaskans have been hurt economically, businesses have been hurt economically. We’re going to do all we can to get that going in the right direction,” Dunleavy said in announcing the early payout.
Dividends typically go out in October, but Dunleavy said Alaska is in “extraordinary times and we need to make sure the people of Alaska have cash in their hands to help with this economy.”
“I can’t think of a better time to do it than now,” he added. “We’re starting the process right now so come July 1st, we’re going to be sending out the Permanent Fund checks to all Alaskans that qualify and are eligible.”
As of May 20, the state has received 671,364 PFD applications with 85% of applicants verified as eligible. The Division estimates nearly 600,000 Alaskans will receive payment. Because not all applicants will be determined by June 19, some Alaskans may receive payments July 23, August 20, or subsequent months thereafter. The division pays dividends monthly until all eligible Alaskans are paid.