Help Available For Local Businesses Filing Oil Spill Claim
Provided by TEDA
With the oil spill claims process in a state of transition, it’s important for companies to gain an understanding of the value of their business-interruption claim. Terrebonne Economic Development Authority can, at no cost, assist companies in determining that value and putting them in position to more effectively navigate the claims process.
With new funding from the State of Louisiana, TEDA has new resources and tools available to assist local companies in helping to determine their economic loss and compiling documentation to back up that claim. That can include assistance in gathering appropriate documentation and demonstrating qualifications for financial assistance, establishing net worth, business interruption loss and physical damage, preparing claims and loan applications and addressing other associated issues. All discussions about a company’s claim, which are conducted on a one-on-one basis can be at a business’ location or TEDA’s Roussell Street office, are treated as confidential.
Outreach and educational workshops on such issues as tax implications of receiving these payments are also planned.
All claimants—whether they’ve filed claims prior to the claims process being taken over by Kenneth Feinberg—have until November 23 to file for a claim number with the newly created Gulf Coast Claims Facility. Those who filed prior to August 23 may have already received a letter discussing the status of their claim and whether further documentation is needed.
As of September 8, the Gulf Coast Claims Facility has logged 19,626 business claims. Of those, 2,669 claims totaling $36,646,308.75 have been paid, according to the facility’s web site. Feinberg has said that receiving emergency payment, either in one or six-month lump sums, does not cause a claimant to waive any rights.
Part of the BP Oil Spill Fund has been allocated to pay emergency claims by licensed Louisiana real estate professionals. That fund, being administered by a third-party claims adjuster, has a late November deadline for filing claims. TEDA’s resources can be used to assist realtors as well.
To discuss the free assistance your company may receive under this program, contact Daphnie Domino at TEDA by calling 985-873-6890.