Being that the federal government has shown compassion during this national emergency by issuing a 90-day reprieve on filing taxes, I believe all financial institutions should follow suit. I understand the calamity that may incur. Bank tellers, stock brokers, sales staff, cooks and other idle employees are in this boat too though. When you are, unemployed anythings helpful.
The middle class — who, through no fault of their own, have had their lives severely disrupted by this virus — have to worry not just about illness, but about falling behind on bills. The reason for evictions or missed payments doesn't matter, because this will be increasing among us without additional financial assistance. One credit union has allowed people to skip a payment for a month. This is encouraging and other institutions should too. It's the right thing to do.
The financial world needs to enact a 90-day freeze on mortgages, car payments, loans, credit cards, etc., to enable people to get out from under this catastrophe. Think about it: How will you pay your bills with just unemployment insurance if you are laid off?
For some, and over time, this pandemic could be just a bad, once-in-a-lifetime memory. For other's, like the flu effects that linger, it's financial effect they will be staggering for a long while.
There is no antidote for personal economic collapse. Hard-working Americans should be afforded the opportunity to come out of this whole and secure, at least to a degree.
We must also remember the distinct lessons about this through future financial responsibility, individual medical and personal needs that includes a reliable source of toilet paper — lest the marauders come for it.