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Banks to let customers defer mortgage payments for up to six months

Employees panicking about finances may get an unexpected source of relief: Mortgage relief from Canada’s major banks.

According to the Canadian Press, the big banks are offering some financial breathing room to customers hurt by the steps taken to slow the spread of COVID-19.

The big six banks say they will allow customers to defer mortgage payments for up to six months among other changes.

They are urging Canadians or business owners facing hardship to contact their bank directly to discuss options that may be available.

The banks are temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.