The bill for a continuing resolution was passed on Saturday after President Obama signed the stop gap spending bill following a 63-36 vote in favor of the bill in the senate, effectively extending the EB-5 program through to April 28th, 2017. The bill itself extends federal government funding to April 28th and includes the short term extension of the EB-5 regional center program.
Information on the bill can be found here.
Increase in Filing Fees Unaffected
Please note that the increased filing fees, slated to come in to effect on December 23rd of this year are not impacted by the bill and the fees will still go up as planned. The specific fee increases can be found here.
There's Still Time
Time is getting tight to have EB-5 business plans and EB-5 economic reports prepared ahead of the increased filing fee date, however, the program extension allows a reprieve for those who wish to get regional centers and projects filed ahead of the April 28th deadline. As with previous deadlines, expect service providers to be busy with work so book your providers and legal team sooner rather than later to make the deadline in good time.
Phil Cohen is the founder and president of Strategic Element Inc., a company focused on the development of EB-5 business plans, economic impact reports and feasibility studies. www.strategicelementconsulting.com