Your Plan may have elected to adopt the provisions of the March 2020 CARES Act to allow for Coronavirus-Related Loans (CRL) and loan suspensions/extensions. Please check with your Plan Sponsor if Coronavirus-Related Loan suspension/extension are permitted in your Plan. You are an eligible individual if you satisfy one of the following criteria: (1) You, your spouse, or a dependent (as defined in Code section 152) are diagnosed with the virus SARS-CoV-2 or with Coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention. (2) You, your spouse, or a member of your household have/has experienced adverse financial consequences as a result of being quarantined; being furloughed or laid off; or having work hours, pay, or self-employment income reduced; had a job offer rescinded or a new job’s start date delayed due to such virus or disease; being unable to work due to lack of child care due to such virus or disease; closing or reducing hours of a business owned or operated by you due to such virus or disease; or other factors as determined by the Secretary of the Treasury (or the Secretary's delegate). Note: a “member of the household” is someone who shares your principal residence. You may self-certify to your eligibility on the CRL form.

Repayments on all/any active loans due between March 27, 2020 through December 31, 2020 may be suspended by up to one year with subsequent payments adjusted to take into account the delay. The five-year maximum loan term is also extended for one year. Interest continues to accrue on the loan during the suspension period.

If the suspension request is not related to Coronavirus, or your do no meet the requirements for a Coronavirus-Related Loan suspension/extension as defined by the IRS, or your Plan has chosen not to adopt the provisions of the CARES Act to allow for Coronavirus-Related Loan suspensions/extensions, your Plan may permit Participants to suspend loan payments while on an approved leave of absence for no more than 12 months. IRS rules do not allow the term (duration) of a loan to exceed 5 years (30 years for a home-purchase loan). If your suspension causes your loan term to exceed the aforementioned statutory limits, you must make a balloon lump sum payment upon your return from your leave of absence to catch-up on missed payments or face default on the outstanding balance at the 5-year mark (30-year mark for home-purchase loans). A loan default has no consequences outside of the Retirement Plan (i.e. no effect on your credit score). The outstanding balance of the loan is converted into taxable income for the year of the default and a Form 1099-R is issued (at the end of January the following year) indicating the tax liability for the Tax Year in which the loan default occurs.

Please visit the Forms section of our website ( to download a PDF copy of any loan withdrawal/suspension forms for your Plan. Forms are also available in Spanish by clicking on the 3rd tab on the left-hand side of the Forms page.