Business Owner Alert: Covid-19 Retirement Loans

Published Tuesday, June 2, 2020, 9:07 p.m. EST

Business owners are in a tight spot: Federal tax rules have eased restrictions to allow those harmed by the epidemic to borrow from their IRA or federally qualified retirement plan; but without careful planning, business owners taking a loan from your retirement savings to support your business could land you in an even worse personal financial position if you are unable to repay it. . Here's what business owners facing challenges need to know now.Emergency legislation passed on March 27, 2020 -- specifically, Section 2202 of the Coronavirus Aid, Relief & Economic Security (CARES) Act -- eased restrictions on...

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This article was written by a professional financial journalist for new michael mcdonald and is not intended as legal or investment advice.

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