Notice 2020-50 (PDF)  notes individuals may  make $100,000 in distributions as virus-related between January 1 and December 30. Such distributions are not subject to the additional levy for those who take them before reaching the age of 59.5

These withdrawals can also be treated as income in equal parts over a three-year period and individuals also can repay distributions to a pan or IRA over three years and avoid any tax consequences.

Plans may also suspend loan repayments due from March 27 through December 27 and the limit on loans for the same period is raised from $50,000 to $100,000.

To qualify for the relief, individuals, their spouses or dependents must have been diagnosed as infected by the virus under an approved test. They must also have experience financial harm owing to having been furloughed or laid off, or having work hours reduced due to COVID-19; unable to work because of lack of child care; have experienced closing of a business they own or reduced hours;  had compensation reduced, including self-employment income; or had a job offer rescinded or its start date delayed.