Stimulus Update: Some Americans Are Getting a $3,284 Payday This Month. Are You?

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  • Lawmakers have not approved a round of federal stimulus checks this year.
  • Some states, however, are stepping in to give residents relief.
  • Alaskans can expect a nice payday due to a state budget surplus.

Although this provision only applies to a small percentage of Americans, it's a nice windfall nonetheless.

For months on end, Americans all over the country have been struggling with higher living costs due to inflation. And many have had no choice but to dip into their savings or rack up debt on their credit cards just to cover basic expenses like food and utilities.

Unfortunately, there's been no federal stimulus aid to come to Americans' rescue. While living costs have been sky high, the U.S. economy has been solid, and the job market in particular has been strong. Historically, stimulus checks have gone out during periods of rampant unemployment. But since that's not the situation we're in right now, lawmakers haven't been motivated to take action in that regard.

But some states have been giving out stimulus checks in an effort to help residents cope with the impact of inflation. And this month, residents of one specific state are eligible for up to $3,284 in relief.

A nice windfall

Alaska residents are used to getting money from their state. They commonly receive a yearly dividend from the state's oil wealth fund -- a nice perk, for sure.

This year, however, residents of Alaska are eligible to receive a payday of up to $3,284 in the month of September. Thanks to excess funds in the state's budget, Alaska is able to share that money with residents to help alleviate the burden inflation has caused. Given that the cost of things like food tends to be high in Alaska to begin with due to its remote location, the fact that the state is giving out generous aid during a period of inflation is great news.

Other states are giving out aid, too

Alaska isn't the only state to be sharing excess funds in its budget with residents. An estimated 21 states have been or plan to give out aid to help ease the burden of inflation.

That said, whereas Alaska residents are generally due for a stimulus-type payment every year, this year's paydays in other states may be more of a one-time thing. The hope, though, is that state stimulus payments will do the job of getting residents through this period of inflation until living costs come down.

And the Federal Reserve is working to try to make that happen. It's been implementing interest rate hikes in an effort to drive borrowing costs upward. Once it becomes more expensive to borrow money, consumers are apt to start spending less. And that should, in turn, narrow the gap between supply and demand that lead to soaring inflation in the first place.

Meanwhile, Alaska residents who are set up to receive payments via direct deposit should receive their money on Sept. 20. Those who are signed up to get paper checks in the mail will need to wait a bit longer for their money, but those should arrive the week of Oct. 3.

Incidentally, some Alaska lawmakers had been fighting to give residents $5,500 this year. But negotiations brought that total down to a maximum of $3,284, which still isn't too shabby.

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