WealthRabbit Support Need Help? We've got you covered Get Answers Support Employee SIMPLE IRA SIMPLE IRA Account Can an employee take loans from a SIMPLE IRA? No. Neither an employee nor an employer can take loans from a SIMPLE IRA. Instead, they can withdraw the amount/earnings by pre-closing the account at any time. Was this helpful? Yes No Related Questions Can an employee contribute to both a traditional IRA and a SIMPLE IRA in the same year? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 912-5450 support@wealthrabbit.com