We are living through an unprecedented global health crisis.
Borders are closed, schools are furloughed, auto manufacturers have
suspended production, "non-essential" business are being
required to close, while social distancing and remote working (if
you can) have become the new normal. The impact on the
economy cannot be understated. Few businesses will emerge
unscathed. While various levels of government are implementing
different support measures to assist businesses and individuals in
surviving the crisis, many borrowers will require additional relief
from their bankers. That relief may be set out in a number of
ways, including a loan facility amendment or an agreement known as
a forbearance agreement. Here is how borrowers should approach
discussions with their lenders, and what lenders may ask in
return.
