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How can I protect my status if my EB-5 business goes bankruptcy?

I applied for my I-829 in March 2019 with more than 10 positions created. Now due to the pandemic, my business has suffered a big loss and I feel that I might not be able to sustain it. Will I lose my CPR if I file for bankruptcy? I have a 50% partner in the company who is a Canadian citizen, can I apply for SBA loan?

Answers

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    Check with your lender regarding the specific requirements to qualify for an SBA loan, the receipt of which should not affect your immigration case. Furthermore, as long as you created the required number of full-time jobs and sustained your at-risk investment during the two-year conditional period, you have met the requirements for condition removal. Post-I-829 filing bankruptcy should not change that.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    There are lots to unpack, but if I can address one thing, it''s that USCIS has stated that filing the I-829 ends your obligation to sustain your investment, and you already showed you created the positions within the CPR period.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    If the jobs were sustained in accordance with the business plan up until the filing of the I-829, you should be okay but I would advise against filing for bankruptcy if possible. You may be eligible to apply for an SBA loan although I am advising clients to avoid applying if possible since public charge analysis requires an evaluation of the totality of circumstances and receiving such assistance may trigger a deeper inquiry.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    You should consider applying for the SBA loan to at least trying to rebuild the business or preserve your business. Bankruptcy should be last resort everything fails because, if you choose bankruptcy, you may unwittingly lose any opportunity to favorably pursue your I-829. Advisably, talk to an EB-5 attorney for further consultation on the various alternatives available to you.