In Notice 2020-39, the IRS grants relief to Qualified Opportunity Zone investors and funds by postponing deadlines to satisfy certain requirements and clarifying relief available under the Opportunity Zone regulations (TD-9889). Under the Notice, investors have until December 31, 2020, to invest eligible gains into Qualified Opportunity Funds (QOFs) if the 180-day window for investment would have ended on or after April 1, 2020 and before December 31, 2020 (this deadline had been extended to July 31, 2020, in Notice 2020-23). Additionally, a QOF or Qualified Opportunity Zone Business improving tangible property in an Opportunity Zone can toll the 30-month clock for substantial improvement from April 1, 2020, to December 31, 2020. Notice 2020-39 also clarifies that if a QOF has a test date for the 90% investment standard falling on or after April 1, 2020, and until December 31, 2020, and the QOF fails to meet the 90% investment standard, such failure is deemed to be due to "reasonable cause" and no penalties are owed. Such failure does not disqualify the QOF or investments into the QOF under IRC Section 1400Z-2. A Tax Alert is forthcoming.