By Vicki Needham - 08/12/10 06:12 PM EDT
BP made its first payment of $3 billion earlier this week into a $20 billion fund that will be run by Kenneth Feinberg. 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.