New IRS Notice 2020-23 Loan Repayment Confusion

[mydayjob]

Anyone figure out what the new relief for plan loans means under IRS Notice 2020-23? Are loan repayments automatically suspended until July 15? 

From the Notice:

The Secretary of the Treasury has also determined that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.

From Rev Proc. 2018-58:

Statute or Regulation Act Postponed -. Sec. 72(p)(2)(B) and (C), and Sec. 1.72(p)-1, Q&A10 A loan from a qualified employer plan to a participant in, or a beneficiary of, such plan must be repaid in accordance with the timing requirements of section 72(p)(2)(B) and the level amortization requirement of section 72(p)(2)(C) (taking into account, if applicable, any cure period granted pursuant to § 1.72(p)-1, Q&A-10(a)).

[AKconsult]

I have this same question.  Vanguard recently sent out a communication that states that The IRS has issued Notice 2020-23, which grants loan repayment relief for all

participants—not just those affected by the coronavirus outbreak—allowing them to delay untilJuly 15, 2020 only, any loan payments that are due between April 1, 2020, and July 15, 2020.

From what I can tell, as a result of the postponement of the due date for filing Specified Forms and making Specified Payments, the period beginning on April 1, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest or penalty.  Interest, penalties, and additions to tax with respect to such postponed Specified Filing and Payment Obligations will begin to accrue on July 16, 2020.

But I am not sure how this is being handled on the recordkeeping platforms.