Of the 20 Billion dollars BP placed in the GCCF to pay individual and business claims only 5.5 or about 28% has been paid out. At that rate it would take the GCCF over five more years to deplete the fund.
The problem is the GCCF will not be around for that long. The program is currently scheduled to stop making payments by August 2013. That would mean either a large percentage of the fund would be left over, or payments will soon ramp up. Guess which one it is going to be?
Earlier this year Ken Feinberg, chief administrator of the GCCF, said he "would hope that half that money would be more than enough to pay all the claims," So according to Feinberg we are already past the half way point for payments.
Many people are upset about this. Rep. Steven Palazzo R-Miss said, "the $20 billion was supposed to be the floor [of the fund], not the ceiling."
We feel the people of the Gulf are getting short-changed by BP and the GCCF. Instead of vetting claims in a quick and efficient manner, claimants face several 90+ day waiting periods while only hearing terms like "your claim is under review" or "your claim is now at the central office." Shortly after that, they receive letters informing them their claim has been denied without any explanation what so ever.
If you are like the hundreds of thousands in the Gulf who have gotten fed up with the GCCF – I have good news for you. You can still get your full claim without having to deal with BP or the GCCF ever again. Call 1 (800) 310-2970 or contact us to find out how to move your BP Claim from pain to paid.
Delayed Impacts Make It Difficult for Businesses to File Their Claims with the GCCF
This is not a story that is talked about much, but we feel it is important for people to hear about it. There were many businesses, particularly restaurants and hotels along the beach that saw their biggest decline not right after the oil spill but a few months later.
The reason for this is BP paid a lot of people to clean up the surface of the beaches immediately after the oil spill. These workers used many of the services that were abandoned by tourists; though hotels still took a hit because they had to rent their rooms out at a rock bottom price in order to stay in business.
As you can imagine, things only got worse when those workers left and tourism failed to pick back up. This created a scenario where businesses that were simply limping along were now facing serious cash flow problems. This was what the GCCF's emergency payment fund was for. To make sure healthy businesses did not close before the tourism came back.
The GCCF emergency fund failed tens of thousands of individuals and business in the Gulf who either received a rejection letter after months of delays or received payments that were too little, too late.
To make matters worse, the GCCF has failed to recognize this "delayed dip" as being caused by the oil spill. If you or someone you know has seen their claim suffer because of this, they need to contact a BP claims lawyer right away. Our claims team can get you in touch with the right lawyers and accountants who can support your claim and push it though the GCCF, or simply bring it directly to BP. The GCCF is not interested in understanding and fully compensating you for your loss. The right law firm can change that. Call 1 (800) 310-2970 or contact us to start your process today.