The phrase “forbearance” has been mentioned a lot lately due to the Coronavirus Aid, Relief and Economic Security Act, which was passed by the federal government without much explanation of how it works.
Southern Nevada Banks have quickly moved to defer loan payments and provide additional lines of credit to business borrowers, who are trying to weather the COVID-19 outbreak that has shuttered or curtailed their operations.
If banks are the canary in the coal mine when it comes to the Southern Nevada’s economic prospects moving forward, the opening of the first newly chartered community bank in more than a decade and plans for an industrial bank are a great sign despite the rumblings in the global economy.