While we hope that none of these issues affect our clients, we are here to help if they do.
With the slowdown and temporary closure of many businesses, cash flow problems are a predictable result. From a lack of cash flow, banking problems will surely come for any businesses that rely on credit.
A bit of good news is that the FDIC has foreseen this problem and is being proactive. Of course, the Fed has already cut interest rates, which should encourage lending. In addition, however, the FDIC is encouraging all banks to be flexible and cooperative with their customers at this time. A copy of the FDIC press release is posted here.
In addition, the FDIC has a virus specific website: https://www.fdic.gov/coronavirus/
