Under the Federal CARES Act would I be able to take a Loan from my 401k in order to continue to pay the mortgage on the property without future Tax implications?
If your 401(k) plan allows it, then you can take a loan against it for any reason you want, or no reason at all. This has nothing what-so-ever to do with the CARES act. It has everything to do with what your plan allows.
Make sure you understand all the implications of doing this, as spelled out in your specific plan. For some, if you miss a payment then the total balance becomes due and payable immediately. That "payoff" is then considered a withdrawal and is therefore taxable income. If it's an early withdrawal to pay the loan, then it's subject to the additional 10% early withdrawal penalty.
Finally, for some plans you are required to set up automatic repayment from your future paychecks. If you lose your job prior to completing the payoff, then the balance is due usually within 30 days after your employment terminiation. If not paid in that time then it becomes a withdrawal; thus making it taxable income and subject to the 10% early withdrawal penalty if you are not of retirement age at the time of the payoff withdrawal.
So just be aware of the above implications and find out from your plan administrator if there are any other implications you and I may not be aware of at this time.
Finally, you might want to check with the mortgage lender. I did that with my rentals and had no problem getting a 90 day forbearance. I expect you can do the same.
