Under CARES Act provisions, the loan amount available under your plan agreement may be greater than the amount available under standard loan rules, and may be requested if the purpose is for an approved Coronavirus-related purpose. You may view the amount available under your plan agreement when modeling a loan in your MyGuideStone account.
If you are requesting a Coronavirus-related loan but do not meet the necessary conditions, you may still request a loan under the standard loan rules/maximum amounts.
In order to qualify for a Coronavirus-related loan you must certify that you are an individual:
1) who is diagnosed with the virus SARS-CoV-2 or with Coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention, or
2) whose spouse or dependent (as defined in Section 152 of the Internal Revenue Code of 1986) is diagnosed with such virus or disease by such a test, or
3) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors that may be established by the Secretary of the Treasury.
For the steps to modeling a loan click HERE