Last Chance for Enhanced COVID-19-Related 401(k) Loans: September 22

By on September 18, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act, passed by US Congress in March in response to the COVID-19 pandemic, permits a “qualified individual” to increase the amount they can borrow from a 401(k). Such individuals may borrow 100% of their account balance up to $100,000 (less any outstanding loans).

The deadline for taking enhanced loans is September 22. In a recent article by Forbes, McDermott Will & Emery partner Jeff Holdvogt highlights some of the tax implications individuals should consider.

Access the article.

Jeffrey HoldvogtJeffrey Holdvogt
Jeffrey (Jeff) M. Holdvogt advises clients regarding a wide range of employee benefits matters. He focuses primarily on the design and administration of complex pension, defined contribution and executive deferred compensation arrangements. Jeff counsels privately and publicly held corporations on ongoing day-to-day retirement and executive compensation issues, as well as employee benefits design and transition matters arising from corporate mergers, acquisitions and divestitures. Read Jeff Holdvogt's full bio.

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