Covid loan re-finance

[Pam Shoup]

We have a participant who took a Covid loan in 2020.  The plan permits two loans only for the purpose of re-financing.  He does not have enough available with the (reduced) $50,000 limitation to re-finance and extend out for another five years.  He could re-finance and have it  paid off by the original due date.  So this is my question, since this was a Covid loan, the original due date was essentially 6 years (5+1).   With a refinance of a Covid loan, are we to use the original due date of 5 years out or the extended Covid due date? 

[Dave Baker]

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