Temporary closure may have made it impossible for you to pay your commercial loan. Although homeowners are able to seek mortgage relief right now, businesses do not have the same options. Even so, your lender likely would not come out ahead if you have to default.

This is why many financial institutions are offering forbearance options and loan modifications to business owners.

Do not wait

According to Nav.com, you should check with your lender regarding relief options before you fall behind on your payments, if possible. Many lenders have a huge influx of forbearance and modification requests, so it may take time for your request to go through the process. That could lead you to fall even further behind, to the point that it could affect your credit scores.

Explain your situation

In most cases, lenders want to know that their customers will be able to resume payments. So, you will probably need to provide a written request showing that your hardship is temporary and you anticipate re-opening as soon as circumstances allow, along with reasonable projections.

Ask questions

In addition to your written request, try to speak with someone in person so you can clarify all your options. Before opting for a forbearance or loan modification, find out what the consequences of each choice will be. A forbearance may mean late fees and interest accumulate even though you have an approved delay in payments. A loan modification may result in an extension of the loan that would be less favorable.

The key is to be proactive and keep an eye on your future outlook so your situation does not deteriorate in spite of your temporary relief.