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Waives the early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes made on or after January 1, 2020, and before December 31, 2020. May 4, 2021 · Given the financial hardship many Americans faced as a result of the COVID-19 pandemic, the CARES Act provided many avenues of financial relief for individuals and businesses across the country.
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    An early withdrawal differs from a hardship withdrawal in that an early withdrawal incurs an additional income tax of 10% of the amount of the withdrawal.

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    Empower Retirement waives fees on new loans, hardship withdrawals CNBC's "Power Lunch" team discusses retirement savings amid the coronavirus.

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    Some retirement plans, such as 401(k) and 403(b) plans, may allow participants to withdraw from their retirement accounts because of a financial hardship, but.

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