Tag Archives: COVID-19

CARES Act Amends the Fair Credit Reporting Act for Accommodations Extended to Consumers During COVID-19

Right now, many creditors may be considering making accommodations to consumers affected by COVID-19 by offering different ways to help ease the burden of existing debt obligations. In doing so, creditors should take care to follow the special credit reporting rules for such accommodations set forth in the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Continue reading CARES Act Amends the Fair Credit Reporting Act for Accommodations Extended to Consumers During COVID-19

Prepare For Additional Revolver Draws During Current Crisis

In the face of these unprecedented and uncertain days of COVID-19, financially stressed borrowers are expected to take every measure available to them to keep their businesses afloat. For borrowers with revolving credit lines, this has included drawing down unused availability to ensure immediate, and sometimes future, access to needed liquidity. In ordinary circumstances, a revolver provides a borrower flexibility to address changing cash flow needs on a cyclical or seasonal basis. Today, an untapped revolver may be a lifeline for a business struggling with the loss of cash flow. Continue reading Prepare For Additional Revolver Draws During Current Crisis