Hello,

IRS notice 2020-50 makes no specific mention that if someone would like to take a $100,000 401k loan, they need to testify that their reasoning for taking more than the original $50k loan amount is because they’ve been effected by COVID as defined by the the CARES Act.

My understanding is that anybody can take a $100,000 401k loan prior to September 23rd, 2020, regardless of if they’ve been effected by COVID or not. Is my understanding correct?

Thank you as always to the great Forum moderators, in advance.

— Bob