Start Up Business BP Settlement

I have taken the section out of the large BP settlement agreement that is about start up business, so people with a younger business can look what the attorney BP settlement has in place for compensation under the BP settlement agreement.

A start up business is a business with less then 18 month records at the time of the BP oil spill. So you would have to have started your business after November 1 2008 to be in this category.

bp settlement start up business

BP settlement start up business

BP Settlement Causation Start Up Businesses

The BP settlement follow the economical settlement with the Zones so if you are in Tourist and seafood the causation is given in Zone A,B,C. Any business in Zone A is presumed causation, so all go there.

Any other business than Seafood and Tourism in Zone B and C need to prove that the BP oil spill was the cause of their losses. For the start up company they have to demonstrate that the business is now good since the oil spill has been gone for a while. So Zone B start up business have  to show an increase of 8.5% in 3 consecutive month from May 2011 to April  2012.  Zone C has to show 10% increase. In Zone D the upturn pattern should show 15% grows in 3 consecutive month.

BP Settlement compensation for start up businesses

The bp settlement compensation will follow the economic loss claims that can be found else where on this website. With the same multipliers as set forth in this document . Any payment made by the GCCF or VOO program should be deducted from your income.

BP Settlement documentation required for start up business

A extra requirement for start up businesses are are financials from the upstart of the business though 2011. Any financial projections of the business, or business plans that where made ready before the BP oil spill occurred in April 2010. If you got a loan from a bank or other lender the documentation you provided the bank to establish you loan is what is needed.

 

Recommended Reading

BP VOO Claims