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If you take a new loan within a year after all loans have been paid, the law may reduce the maximum amount of the new loan. The design of your plan may have more relevant restrictions, so you need to check with the plan administrator. The summary plan description, or a separate written loan policy, for your plan should also describe limitations. There is no sure one-size-fits-all answer to your question. You have to learn the rules of your plan. My guess is that most plans would allow a new loan as soon as the prior loan is paid, subject to the limitation on the amount outstanding in the prior 12 months. Some plans allow more than one loan, so full payment is not necessary to originate a new loan.

Glancing at my old-fashioned paper calendar (and without checking whether ACCO Brands counted correctly), its display for July 1, 2019 shows 182 days elapsed and 183 remaining. Absent a rule or regulation that interprets IRC 72(t)(2)(A)(i), one might imagine a taxpayer arguing that 183 is at least half of 365.