BP will speed up claims process, pays out another $75 million to states

Florida has received $75 million — $25 million today and on May 5 and $25 million for tourism on May 17. 

No announcement was made regarding Louisiana. 

“These funds will be put to good use to help carry out the state’s protection plan, including a project to fill in the Katrina Cut,” Alabama Gov. Bob Riley said in a statement released by BP.

Tracy Wareing, a senior official with the Homeland Security Department, said Thursday that BP will “implement a more expedited claims process” that weighs how businesses pay future expenses while changing the payment equation for seasonal businesses that earn most of their yearly income in a few months. 

BP has reportedly made $84 million in payments for loss of income or net profit through June. BP estimated the spill, which started April 20, has cost $1.43 billion. 

So far, more than 42,000 claims have been submitted and the company has paid $53 million on more than 20,000 requests from individuals and businesses affected by the spill. 

Coast Guard Adm. Thad Allen met with BP officials on Wednesday in the first of several meetings to streamline the efforts of the federal government and BP to pay claims for damage caused by the oil spill. 

Cross-posted from On the Money.