The traditional IRA cannot be withdrawn without penalty, but I can open up a traditional 401k and roll over my traditional IRA money into that and then take a loan up to 50k or 50%, whichever is smaller.

You may avoid the taxes if you deposit the funds in an eligible retirement plan (which includes anIRA) within "3 years and a day" of the date of the COVID-19 distribution (note: compare to a 60-day rollover).

You may avoid the taxes if you deposit the funds in an eligible retirement plan (which includes anIRA) within "3 years and a day" of the date of the COVID-19 distribution (note: compare to a 60-day rollover).

Sure it was painful paying the tax on the rollover when I set these up but I don't have to pay tax on the gains my IRA has made.

Sounds like a past employer 401k roll over.  

You may avoid the taxes if you deposit the funds in an eligible retirement plan (which includes anIRA) within "3 years and a day" of the date of the COVID-19 distribution (note: compare to a 60-day rollover).

@John StrockBe sure to double-check with your current 401(k) that you can rollover funds to another IRA of your choosing using what is called an in-service distribution. 

You could rollover some or all of your 401(k) and invest as you choose. 

I will be taking a 401k loan to pay off the lender, but need time to rollover a 401k balance from an old employer in order to get the money. 

You may avoid the taxes if you deposit the funds in an eligible retirement plan (which includes anIRA) within "3 years and a day" of the date of the COVID-19 distribution (note: compare to a 60-day rollover).