Permanent Fund Dividend will be paid out July 1

ANCHORAGE, Alaska (KTUU) - Gov. Mike Dunleavy announced that the Alaskan Permanent Fund Dividend will be sent out early this year, and Alaskans should expect it July 1 instead of October. The announcement came at a press conference on Wednesday.

“We are in extraordinary times. We need to make sure that the people of Alaska have cash in their hands to help in this economy,” Dunleavy said. “I can’t think of a better time to do that than now, but we are going to have to wait for a month and a half.”

On July 1, all Alaskans that qualify for the PFD will be receiving the check, and the state has initiated the process to disburse the check. The legislature passed a budget with a $1,000 PFD in March.

[RELATED: Alaska Legislature passes a budget with $1,000 PFD]

The state Permanent Fund Dividend Division has received 671,364 applications for the PFD as of Wednesday, according to a statement from the governor's office. The state has already determined that 85% of those applicants are eligible for the payment and they will be the first to receive it in July. People with applications that are still being processed currently may not receive payments until July 23, Aug. 20 or a later date as the division will pay dividends monthly until all eligible Alaskans have received it.

The press conference with the PFD announcement can be watched on KTUU's Facebook page here.

This is a developing story and will be updated as more information becomes available.

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