Below is from the CARES Act on not reporting delinquencies during an accommodation triggered by a consumer affected by the coronavirus disease pandemic. What does “affected†mean, other than by contracting Covid-19? For instance, can “affected†mean or goes as far as a borrower losing one’s job or due to a business closure because of the pandemic?
Also, we granted an across-the-board waiver of a month’s payment for our borrowers due to the pandemic. Does that constitute an “accommodation†to all borrowers during that month although individually borrowers did not request an accommodation?
Thanks
The term ‘accommodation’ includes an agreement to defer 1 or more payments, make a partial payment, forbear any delinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who is affected by the coronavirus disease 2019 (COVID–19) pandemic during the covered period.