U.S. Senate Majority Leader Mitch McConnell (R-KY) arrives at the U.S. Capitol on March 18, 2020 in Washington, DC. McConnell is urging members of the Senate to pass as soon as possible a second COVID-19 funding bill already passed by the House.

You soon should be able to withdraw up to $100,000 from your 401(k) retirement plan amid the coronavirus outbreak.

Just make sure you read the fine print before you do.

The Senate has approved a package of COVID-19 stimulus measures, one of which allows savers to take emergency withdrawals – known as hardship distributions – of up to $100,000 from their retirement plans. It now moves to the House where passage is expected.

Savers under age 59½ would be able to tap their 401(k) and 403(b) money without the usual 10% early withdrawal penalty. This would also apply to individual retirement accounts.

The legislation also would issue families rebate checks of $1,200 per individual and $500 per child, as well as suspend payroll taxes for employers.

However, before you access that cash, proceed with caution. You may be doing more harm than good.

"People play up the relief like it's a freebie," said Ed Slott, CPA and founder of Ed Slott & Co. in Rockville Centre, N.Y. "You're better off using anything else before using your retirement savings."