$1,702 Stimulus Payment Is Real: These days a news is becoming increasingly viral on the internet and social media, in which it is being claimed that citizens are going to get a new stimulus check of $1,702 from the US government. Many people are hoping after seeing this news that maybe they will also get this money. But the truth behind this news is something else.
So let’s know what is this amount of $1,702 is, who is entitled to it and is this check really going to be given to all Americans or not?
Headlines and Confusion Going Viral
Such headlines are being seen on social media platforms and some websites, like:
“IRS confirmed – The new $1,702 stimulus check is ready and will soon be given to millions of people.”
After reading such headlines, people naturally start thinking that they too are going to get some money soon. But in reality, this money is being received only by the residents of a particular state of America – Alaska.
This check is not part of any federal or nationwide stimulus program, but it is part of Alaska’s Permanent Fund Dividend (PFD), which is generated from the state’s oil and mineral income.
Where Did the Amount of $1,702 Come From?
This amount of $1,702 is part of the Alaska Permanent Fund Dividend (PFD) set for 2024. This is a kind of annual amount that the state of Alaska gives to its citizens.
This money comes from the revenue that Alaska gets from its oil and mineral resources. Since Alaska has a lot of oil and gas reserves, the government there decided that a part of the earnings from these natural resources would be shared with the citizens of the state.
This system has been in place since 1982, and since the,n millions of Alaska residents have been receiving this bonus every year. This time an amount of $1,702 is being issued for them.
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Payment Dates – When Will You Get the Money?
The Alaska Department of Revenue has released the full payment schedule for the 2024 dividends. It tells who will be paid on which date:
- If your application status is “Eligible-Not Paid” till 13 August 2025, then you will get the payment on 21 August 2025
- If this status remains till 3 September 2025, then the date of payment will be 11 September 2025
- Applicants with “Eligible-Not Paid” status till 18 September 2025 will get the payment on 2 October 2025
- And if the status remains till 13 October 2025, then you will get the check on 23 October 2025
It is clearly stated that this payment will be given only to those people who have fulfilled the necessary conditions of application but who have not received the payment till now.
How Much Will Be the Dividend to Be Received in 2026?
It is also important to know that the dividend for next year i.e. 2025, which will be given in 2026, will probably be much less than this year.
The government of Alaska has currently decided to pay only $1,000, because the state’s revenue from oil and gas has decreased this year. That is, if you are thinking that you will get a bigger check in the future, then it is not necessary.
What Is Alaska Permanent Fund?
The Alaska Permanent Fund is a special fund that was established in 1982. Its purpose was to regularly distribute a part of the earnings from the state’s oil and mineral resources to the citizens there.
- The current assets of this fund are around $81.45 billion.
- This amount is invested by the state and the return from it is given to the citizens every year in the form of a dividend.
According to Investopedia, the citizens of Alaska get an average payment of $1,299 per year. That is, a family of 4 members can get assistance of up to $4,916 annually.
Who Are Eligible for This?
Now the most important question – are you eligible for this? Before knowing the answer to this, understand that this payment is only for full-time residents of Alaska. There are some necessary conditions for this:
- You must have spent the entire calendar year 2024 in Alaska.
- You must not have claimed citizenship of any other state or country.
- You must have been present in Alaska for at least 72 consecutive hours in 2023 or 2024.
- If you have been convicted of a felony in 2024, or are in jail again after a previous felony, then you will not be entitled to this check.
All people who meet these conditions – be it children, youth or the elderly – are considered eligible for this dividend.
This year, more than 6 lakh Alaska residents are eligible for this amount of $1,702.
What About the Rest of the Americans?
Now it is clear that this amount is not for the whole of America. If you live in California, Texas, New York, Florida, or any other state and you are not a resident of Alaska, then you are not entitled to this check.
So if you are seeing on any website or social media post that all Americans are going to get $1,702, then this is half-truth or wrong information.
Beware of Misleading News on Social Media
Nowadays, along with true news on the Internet, many half-truths or false news also go viral very fast. Especially when it comes to money or government assistance, people believe quickly.
In such a situation, it is important that you always get information from government websites, such as:
Take this opportunity and don’t blindly believe every post on social media.
Conclusion – Be Hopeful, But Be Informed
This amount of $1,702 is indeed being given, but it is only a part of the Alaska Permanent Fund Dividend and not for the whole of America.
If you are a resident of Alaska and have fulfilled all the conditions, then this is very good news for you. But if you live in any other part of America, then this news is probably not for you.
If you want, you can get information about any local assistance scheme running in your state. Many states also run different types of tax rebates, rent assistance or food assistance schemes.
If you want to continue receiving such financial updates and the truth about the schemes, then bookmark our website and don’t forget to share it.