(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to distributions with 
respect to disasters the incident beginning date (as 
defined in section 72(t)(11)(F)(i) of the Internal 
Revenue Code of 1986, as added by subsection (a)) 
for which is after December 27, 2020. 
(c) LOANS FROM QUALIFIED PLANS.— 
(1) IN GENERAL.—Subsection (p) of section 72 
of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new paragraph: 
‘‘(6) INCREASE IN LIMIT ON LOANS NOT TREAT-
ED AS DISTRIBUTIONS.— 
‘‘(A) IN
GENERAL.—In the case of any 
loan from a qualified employer plan to a quali-
fied individual made during the applicable pe-
riod— 
‘‘(i) clause (i) of paragraph (2)(A) 
shall be applied by substituting ‘$100,000’ 
for ‘$50,000’, and 
‘‘(ii) clause (ii) of such paragraph 
shall be applied by substituting ‘the 
present value of the nonforfeitable accrued 
benefit of the employee under the plan’ for 
‘one-half of the present value of the non-
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forfeitable accrued benefit of the employee 
under the plan’. 
‘‘(B) DELAY OF REPAYMENT.—In the case 
of a qualified individual (with respect to any 
qualified disaster) with an outstanding loan on 
or after the applicable disaster date from a 
qualified employer plan— 
‘‘(i) if the due date pursuant to sub-
paragraph (B) or (C) of paragraph (2) for 
any repayment with respect to such loan 
occurs during the period beginning on the 
first day of the incident period of such 
qualified disaster and ending on the date 
which is 180 days after the last day of 
such incident period, such due date may be 
delayed for 1 year, 
‘‘(ii) any subsequent repayments with 
respect to any such loan may be appro-
priately adjusted to reflect the delay in the 
due date under clause (i) and any interest 
accruing during such delay, and 
‘‘(iii) in determining the 5-year period 
and the term of a loan under subpara-
graph (B) or (C) of paragraph (2), the pe-
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riod described in clause (i) may be dis-
regarded. 
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) QUALIFIED
INDIVIDUAL.—The 
term ‘qualified individual’ means any indi-
vidual— 
‘‘(I) whose principal place of 
abode at any time during the incident 
period of any qualified disaster is lo-
cated in the qualified disaster area 
with respect to such qualified disaster, 
and 
‘‘(II) who has sustained an eco-
nomic loss by reason of such qualified 
disaster. 
‘‘(ii) APPLICABLE PERIOD.—The ap-
plicable period with respect to any disaster 
is the period— 
‘‘(I) beginning on the applicable 
date with respect to such disaster, and 
‘‘(II) ending on the date that is 
180 days after such applicable date. 
‘‘(iii) OTHER TERMS.—For purposes 
of this paragraph— 
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‘‘(I) the terms ‘applicable date’, 
‘qualified disaster’, ‘qualified disaster 
area’, and ‘incident period’ have the 
meaning given such terms under sub-
section (t)(11), and 
‘‘(II) the term ‘applicable period’ 
has the meaning given such term 
under subsection (t)(8).’’. 
(2) HOLD HARMLESS.— 
(A) IN GENERAL.—A person shall not be 
treated as having violated the provisions of title 
I of the Employee Retirement Income Security 
Act of 1974 solely because— 
(i) the person made a plan loan to a 
qualified individual (as defined in section 
72(p)(6) of the Internal Revenue Code of 
1986, as added by paragraph (1)) during 
the applicable period (as defined in such 
section 72(p)(6)) in compliance with sec-
tion 72(p)(6) of such Code; or 
(ii) a qualified individual (as so de-
fined) delayed making a plan loan repay-
ment in compliance with section 72(p)(6) 
of such Code. 
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pbinns on DSKJLVW7X2PROD with BILLS
(B) PROHIBITED TRANSACTIONS.—A per-
son shall be treated as being exempt from the 
requirements of section 406 of the Employee 
Retirement Income Security Act of 1974 pursu-
ant to subparagraphs (A) and (E) of section 
408(b)(1) of such Act if the person meets the 
requirements of clause (i) or (ii) of subpara-
graph (A). 
(3) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall apply to loans made with re-
spect to disasters the incident beginning date (as de-
fined in section 72(t)(11)(F)(i) of the Internal Rev-
enue Code of 1986, as added by subsection (a)) for 
which is after December 27, 2020. 
(d) PROVISIONS
RELATING
TO
PLAN
AMEND-
MENTS.— 
(1) IN GENERAL.—If this subsection applies to 
any amendment to any plan or annuity contract, 
such plan or contract shall be treated as being oper-
ated in accordance with the terms of the plan during 
the period described in paragraph (2)(B)(i). 
(2) AMENDMENTS TO WHICH SUBSECTION AP-
PLIES.— 
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(A) IN
GENERAL.—This subsection shall 
apply to any amendment to any plan or annuity 
contract which is made— 
(i) pursuant to any amendment made 
by this section, or pursuant to any regula-
tion issued by the Secretary or the Sec-
retary of Labor under any amendment 
made by this section; and 
(ii) on or before the last day of the 
second calendar year beginning after the 
date of the enactment of this Act, or such 
later date as the Secretary may prescribe. 
In the case of a governmental plan (as defined 
in section 414(d)), clause (ii) shall be applied 
by substituting the date which is 2 years after 
the date otherwise applied under clause (ii). 
(B) CONDITIONS.—This subsection shall 
not apply to any amendment unless— 
(i) during the period— 
(I) beginning on the date that 
the amendments made by this section, 
or any regulation described in sub-
paragraph (A)(i), take effect (or in 
the case of a plan or contract amend-
ment not required by amendments 
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