BP fund may use drilling money as collateral

BP has sold about $9 billion in assets to have the cash on hand to pay into the fund.

BP made its first payment of $3 billion earlier this week into a $20
billion fund that will be run by Kenneth Feinberg, who oversaw the compensation fund for victims of the 9/11 attacks in 2001. A $2 billion
deposit will be made in the fourth quarter of this year, with the
company expecting to add $1.25 billion a quarter — or $5 billion a year
— until all $20 billion has been deposited.

Meanwhile, the Obama
administration sent BP its fifth bill for $167.9 million for the
federal government’s work on the Gulf of Mexico oil spill. 

The first four bills, all paid by BP, total $222 million, the White House announced. 

As
the claims process continues in the Gulf region, BP has paid out $340
million to 147,194 claims, according to the most recent figures. No
claims have been denied so far, BP said. 

BP will continue to pay
claims until Feinberg’s GCCF takes over claims processing for
businesses and individuals later this month. 

In addition, the
Small Business Administration has approved 233 economic injury
assistance loans worth $20.4 million for those businesses affected by
the oil spill. 

The SBA has also granted deferments on 789 existing loans, worth $4.3 million a month in payments.