The new notice doesn't allow modifications of the actual business plans; rather, it extends the duration by up to 24 months. The content of the business plans ought to stay the same, but the timelines will end up getting extended.
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What does the new IRS relief notice say about the ability to modify Working Capital Plans that were created prior to the COVID-19 crisis?
What does the new IRS relief notice say about the ability to modify Working Capital Plans that were created prior to the COVID-19 crisis?
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Due to the President’s declaration of the disaster area, the working capital safe harbor period for any qualified opportunity zone business (QOZB), whether it’s 31 months or 62 months, is automatically extended by an additional 24 months (55 months and up to 86 months).
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