(i) Termination or debarment of EB–5 entity Unless specified in clause (vi), when a regional center, a new commercial enterprise, or a job-creating entity is terminated or debarred from the program under this paragraph: (I) A qualified petition under section 1154(a)(1)(H) of this title or the conditional permanent residence status of an alien admitted to the United States based on an investment in a terminated regional center, new commercial enterprise, or job-creating entity shall remain valid or continue to be authorized, as applicable, in accordance with this subparagraph. (II) The Secretary of Homeland Security shall notify the alien beneficiaries of such petitions about the termination or debarment.
(ii) New regional center or investment The petition under section 1154(a)(1)(H) of this title and the conditional permanent resident status of an alien described in clause (i) shall be terminated 180 days after notification of the termination from the program under this paragraph of a regional center, a new commercial enterprise, or a job-creating entity (but not sooner than 180 days after March 15, 2022) unless: (I) In case of a regional center termination: (aa) The new commercial enterprise associates with an approved regional center, regardless of the approved geographical boundaries of such regional center's designation; or (bb) The alien makes a qualifying investment in another new commercial enterprise; or (II) In case of debarment of a new commercial enterprise or job-creating entity, the alien: (aa) Associates with a new commercial enterprise in good standing; and (bb) Invests additional investment capital solely to meet remaining job creation requirements under subparagraph (A)(ii).
(iii) Amendments (I) Filing requirement The Secretary shall allow a petition described in clause (i)(I) to be amended to meet the applicable eligibility requirements under clause (ii) or to confirm that a pending or approved petition continues to meet the eligibility requirements described in clause (ii) notwithstanding termination or debarment described in clause (i) if such amendment is filed within 180 days after the Secretary provides notification of termination or debarment of a regional center, a new commercial enterprise, or a job-creating entity, as applicable. (II) Determination of eligibility For determining eligibility under subclause (I): (aa) The Secretary shall allow amendments to the business plan without such amendments being deemed a material change; and (bb) The Secretary may consider any funds obtained or recovered by an alien investor, directly or indirectly, from claims against third parties, including insurance proceeds, or any additional investment capital provided by the alien, as the alien's investment capital for the purposes of subparagraph (A) if such investment otherwise complies with the requirements under this paragraph and section 1186b of this title.
(iv) Removal of conditions Aliens described in subclauses (I)(bb) and (II) of clause (ii) shall be eligible to have their conditions removed pursuant to section 1186b of this title beginning two years after the date of the subsequent investment.
(v) Remedies For petitions approved under clause (ii), including following an amendment filed under clause (iii), the Secretary: (I) Shall retain the immigrant visa priority date related to the original petition and prevent age-out of derivative beneficiaries; and (II) May hold such petition in abeyance and extend any applicable deadlines under this paragraph.
(vi) Exception If the Secretary has reason to believe that an alien was a knowing participant in the conduct that led to the termination of a regional center, new commercial enterprise, or job-creating entity described in clause (i): (I) The alien shall not receive any benefit under this subparagraph; and (II) The Secretary shall: (aa) Notify the alien of such belief; and (bb) Subject to section 1186b(b)(2) of this title, deny or initiate proceedings to revoke the approval of such alien's petition, application, or benefit (and that of any spouse or child, if applicable) described in this paragraph.
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