https://www.taxtmi.com/article/detailed?id=9122 Borrowers must request bank approval for a COVID 19 loan moratorium; it is a deferment, not a waiver, and requires board approved bank policies. If granted, lenders may permit suspension of both principal and interest on term loans (including home, personal, education, auto and consumer durable loans). Revolving credit such as credit cards is excluded. For businesses, deferment is limited to interest on working capital loans, with accumulated interest payable after the deferment period and no change in loan terms or asset classification. en-us Mon, 27 Apr 2020 08:11:22 +0530 Mon, 27 Apr 2020 08:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9122 Borrowers must request bank approval for a COVID 19 loan moratorium; it is a deferment, not a waiver, and requires board approved bank policies. If granted, lenders may permit suspension of both principal and interest on term loans (including home, personal, education, auto and consumer durable loans). Revolving credit such as credit cards is excluded. For businesses, deferment is limited to interest on working capital loans, with accumulated interest payable after the deferment period and no change in loan terms or asset classification. Articles Other Topics Mon, 27 Apr 2020 08:11:22 +0530 https://www.taxtmi.com/article/detailed?id=9122