Federal Disaster Area Penalty-Free IRA & 401(k) Distribution and Loan Options
Individuals who experience a hurricane, flood, wildfire, earthquake, or other type of natural disaster may be eligible to request a Qualified Disaster Recovery Distribution or loan from their 401(k) or IRA to assist financially with the recovery process. The passing of the Secure Act 2.0 opened up new distribution and loan options for individuals whose primary residence is in an area that has been officially declared a “Federal Disaster” area.
Coronavirus SBA Loan Forgiveness Program
On March 27, 2020, Congress officially passed the CARES Act which includes the SBA Paycheck Protection Program. This program offers loans to small businesses that can be forgiven if certain conditions are met.