The end of the 2020 Fiscal Year on September 30th brings with it a deadline for Congress to extend or renew the EB-5 Regional Center program.
For the EB-5 program to continue uninterrupted, it requires Congress to pass budget legislation, including a possible continuing resolution, to extend government services. There are only eight legislative days remaining when both chambers of the United States Congress (although both Senate and House of Representatives have indicated a deal is in the works, nothing has been introduced in either chamber of Congress. In order for a deal to be passed, it must pass both chambers and get the President’s approval.
Most years there is a 30 September ‘sunset date’ set for the program which has always been extended. Given we are already halfway into September, we would expect to have heard by now if a shutdown is being contemplated. We anticipate that a continuing resolution will be passed that will largely maintain current levels of funding for government agencies. Whenever they have been changes to the program it has never applied retrospectively to applicants who had already filed.