The coronavirus stimulus and your 401(k): 3 things you need to care about (OPINION)
These are truly extraordinary times. With more than 26 million Americans filing for unemployment since the crisis began, many Americans are rightly concerned with how they will pay bills, rent and provide for their families.
1. Loans: Historically, you were only able to borrow $10,000 or up to 50% of your vested account balance up to $50,000. Now, if the plan permits, they have doubled participant loan limits; participants can now borrow 100% of their vested account balances up to $100,000. Also, for those that already have loans outstanding, they can delay repayment up to one year.
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