Congress passes 3-week Continuing Resolution to end government shutdown and reauthorizes the EB-5 program
As reported by the New York Times as well as all the other major news agencies, after over a month of government shutdown, President Trump signed a short-term spending bill to end the shutdown and re-open the government for three weeks in a surprise retreat from the Wall. He said that he would end the partial government shutdown while negotiations over the border wall continue. He also indicated that he was open to declaring a national emergency or shutting down the government again if Republicans and Democrats cannot reach an agreement on wall money by the new February deadline. According to the EB-5 industry advocate, IIUSA’s email to its members, the “Further Additional Continuing Appropriation Act, 2019” is a continuing resolution (CR) that provides fiscal year 2019 appropriations through Feb. 15, 2019. In addition to opening the shuttered portions of government, the CR authorizes the EB-5 Regional Center Program to resume operations through the end of the three-week appropriation.
Many investors have been waiting on the sidelines not knowing whether they should file or not their I-526 applications while the government was shutdown. The new three week window is a great opportunity for those who have already decided to file, are confident with their source of funds and have just been waiting to see if the program was going to be reauthorized.
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