While negotiations continue on Capitol Hill to fund the federal government, the federal government could potentially shutdown if a deal is not reached by midnight tonight. It also means that many programs across the country that are facing deadlines, including the EB-5 Regional Center Program, will come to a halt until there is an agreement.
It is too soon to know if a shutdown will happen, but if it does, IIUSA would like to provide some information to help you understand this situation better:
- The EB-5 Regional Center program is not yet permanent. The Program has received many short-term extensions that have been attached to federal government spending in recent years. If the government were to shutdown, USCIS and the Department of State would not be able to process any petitions related to the Regional Center Program because it would not be authorized and because government employees would be on furlough (temporary leave for federal employees due to lack of funding).
- If there is a shutdown, Congress will need to come to a deal quickly, and it is very likely that the EB-5 Regional Center Program would be continued on that deal.
- Petitioners who have already applied will not have their forms discarded, rather they would essentially be put on hold until the Program is authorized again alongside the government getting funded.
While it is not clear how Congress will act by the end of the day, if you are an investor we encourage you to reach out to your legal counsel with any specific questions or concerns. Congress will need to pass a government spending package before midnight tonight to avoid this shutdown. IIUSA continues to advocate for the extension of the EB-5 Program and thus the federal government and will keep you apprised of any developments as we learn them.