Tag Archives: BP Settlement business claims
How can you receive the BP Settlement you deserve?
Not only did the April 2010 BP oil spill cause extreme damage and devastation to the environment, it also had a ripple effect throughout the entire economy of the Gulf Coast of the United States. Businesses and Individuals in the affected areas saw a decline in revenue and earnings following the incident as a direct result of the lack of tourism, rising prices of seafood, and many other factors. The first response for economic reimbursement was the GCCF, later replaced by the BP Settlement which now oversees all claims.
How do I know if I qualify to file a BP claim?
To be eligible to file a valid BP Settlement claim, a business or an individual’s business address must fall within one of the specified BP Economic Loss Zones. The claimant must also make sure that the nature of their business is not included on the list of ineligible entities. At this point, financial documentation will need to be provided to prove the loss.
BP Settlement Individual Claims
Individual claimants will need to provide tax documents and pay period earning statements from at least 2009-2011 to show that their hours or wages were reduced as a direct result of the spill. Most individuals also will need to establish an eligible employer by having an authorized business representative submit a sworn statement that the employee’s financial losses were directly related to the spill.
The amount of compensation an individual can expect to receive is directly correlated to the amount of money they lost in the compensation period as compared to the benchmark period. Therefore, every payout will vary on a claim to claim basis.
BP Settlement Business Claims
Businesses outside of Zone A must prove their damages by passing a causation test. The causation test is an algorithmic calculation which uses financial figures from a business’s monthly profit and loss statements to determine the eligibility of the claim. This test uses the provided figures to try to find a certain percentage of decline in revenue in the months following the spill in 2010, as compared to those same months in 2009. The financials should also show a certain percentage of uptake in those same months in 2011. The percentage of decline in 2010 and incline in 2011 that are needed to pass the “V-trend test” will vary based upon which geographical zone the businesses address falls within.
The amount of compensation a business can expect to receive is based upon which zone the business is located in, the nature of the business as evidenced by the NACIS code, and the amount of loss in the compensation period. Once again, the amount of compensation will vary on a claim by claim basis, as many factors come into play for business claims.
Is there a quick way to find out my eligibility?
For a BP Settlement business claim, we can run the basic financials through our preliminary calculator and quickly determine if the claim passes causation or if it does not. For a preliminary calculation we would need:
The business address
Monthly Gross Revenue for Jan 2007-Dec 2011
If the business passes causation we would then need further documentation to calculate the businesses estimated compensation amount and to make the claim complete under the guidelines of the Deepwater Horizon Settlement.
Do I Need to Hire a Professional?
It is not completely necessary to hire a professional. Many people file claims on their own without representation. However, there are many reasons why you might choose to seek guidance on this matter. We hear from business and individual claimants every day who have filed claims on their own and are being delayed with multiple incompleteness notices and are frustrated and fed-up.
The Court-Supervised 1,300 page BP Settlement is an extremely detailed and convoluted document which can be overwhelming and disheartening to those who have no prior experience with the legal components that professionals are equipped to handle.
What Services do we offer?
Our team of experts helps you gather and prepare the needed documents for review. The claim is then assessed for eligibility, completeness and validity. Business claims are calculated either by a CPA or under the direct supervision of a CPA to ensure accuracy of the expected compensation figure. At this time the complete claim will be filed.
Once the claim is filed to the Deepwater Horizon Settlement, should there be any discrepancies regarding paperwork or financials, we work with the client to handle all incompleteness notices, requests for reconsideration, re-reviews, appeals, and denial notices. Clients may always feel free to contact us regarding the status of their claim, and know that we notify them immediately when we have any deadlines pending.
How do I begin the process of filing my claim?
There is only a short time remaining to file all claims to the Deepwater Horizon Settlement, the deadline being April 22, 2014. Call us today for a free claim assessment. If you have your preliminary documents in order, we may be able to quickly run a calculation to determine your eligibility. Call 1-800-BP-CLAIM or complete the BP Settlement form on the right and someone contact you shortly thereafter.
Author: W.C. Bohack