The specialists in debt are advising cash-strapped borrowers to follow in the footsteps of AB InBev, CBR Fashion and others, tapping into their credit lines as soon as possible to avoid a cash crunch.

This week, the brewing giant withdrew the entire $9 billion of its revolving credit line, while German retailer CBR Fashion told investors it is accessing a credit line of 30 million euros. Across Europe, companies have withdrawn about $11 billion since March 13.

"Go ask now," said John Miesner, director of advisory at debt at KPMG. "If the lenders aren't supportive, then think about more draconian measures like cutting costs."

Many cash-strapped companies are following the advice as most of Europe and parts of the US are on lockdown to prevent the spread of the virus. The launch of the European Central Bank of a purchase program of debt of 750 billion euros ($820 billion) on Wednesday should help ease the liquidity crunch, but it is unclear how quickly these measures will trickle down to companies whose debt is not eligible for the pandemic bond purchase program.

A day earlier, banks demonstrated their cash hunger in the Bank of England's weekly liquidity operation, yet another sign of the funding squeeze brought on by the Quran virus pandemic. Demand was nearly 10 times greater on Tuesday than the average for the three months through February.

Some advisors, however, urge caution. Healthy borrowers who are best positioned to weather the storm should think twice before reaching out for their loans, according to law firm Allen & Overy.

"I'm getting questions from clients wondering if it's sensible to withdraw all of their RCF now and it depends on the company's circumstances," said Trevor Borthwick, a London-based partner at the firm. "If he's in strong financial health then I'm not sure he sees enormous value in doing it."

Companies are also concerned that their debt trip them up in the coming months if their earnings lag behind. It can take many months for non-compliances to occur because covenants are only checked periodically and use previous reporting periods.

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"Borrowers are wondering what forbearance they are likely to get from their lenders if they can't meet interest payments or satisfy covenant tests," said Glen Flannery, a partner specializing in restructuring and insolvency at CMS law firm in London. . "Those in already hard-hit sectors such as airlines, hotels and hospitality are wondering how they can access the liquidity they urgently need to stay afloat."

As for corporate defaults, the rate could rise to the highest level since the early 1990s, according to A&O's Borthwick.

"This is just the beginning," he said. "The hospitality industry, the airline industry are seeing multiple weeks of next to no revenue and the knock-on effect to the rest of the economy is huge."

While the main concern during the outbreak of Covid-19 is to save as many lives as possible, many consumers are also concerned about the potential impact the virus could have on their personal finances. To help consumers protect their finances against the outbreak, we've taken a look at the potential impacts.

What are you entitled to if your workplace is forced to close?
At the moment, the Government has not made it mandatory for those under 70 or who are not at high risk to remain isolated unless they have symptoms of Covid-19. That said, he hasn't ruled out forcing people to stay at home and so consumers should start preparing for the financial implications if this happens and they can't work from home. What workers will be entitled to receive if they are told not to come to work and cannot work remotely will depend on their employment contract.

Some may receive full pay, but others may require staff to take their annual leave while the workplace is closed. There is also the possibility that the contract allows temporary suspension of employment, in which case employees are usually entitled to guaranteed pay for only five days. The maximum available in the guaranteed pay is £29 per day for five days in any three month period, and if the employee normally earns less than £29 per day they will get their normal daily rate.

What sick pay are you entitled to?
Current government guidelines for those with symptoms of Covid-19 is to stay at home for 14 days together with all other family members. Workers who are forced to take sick days as a result may be paid in full depending on their employment contract. If employees are not eligible to receive full sick pay due to symptoms of Covid-19, then they are entitled to statutory sick pay (SSP), which the Government will pay from the first day the employee is sick. The SSP is £94.25 per week and can be paid for up to 28 weeks.

What if you can't make your mortgage and loan payments?
Several blue-chip banks, including the Royal Bank of Scotland, Lloyds and TSB, have announced they will be offering mortgage and lending holidays to help their customers experiencing financial difficulties due to the impact of the coronavirus outbreak. Covid-19. Therefore, consumers who believe they will have difficulty paying their mortgages and loans due to the pandemic should contact their bank as soon as possible to discuss possible options to ease the financial burden.

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Alternatively, consumers can also contact Citizen Advice for information and advice on what to do if they encounter financial hardship due to the outbreak.

How does Covid-19 affect savings rates?
In an effort to help protect the UK economy from the outbreak of Covid-19, last week the Bank of England unexpectedly cut the base rate by 0.50% (50 basis points) from 0.75% to 0.25%. At the time of writing, there is also the possibility that the base rate could be further reduced.

For savers, this will have a negative impact, as the market is already seeing providers start to cut savings rates in response to the base rate cut. That being said, there are still some attractive savings rates available on the charts at this time, however, as events with the Covid-19 are moving quickly, these rates cannot be guaranteed to hold up for long.

Preparers, or survivors who stockpile supplies for a coming apocalypse, have long been derided as fringe denizens but are quickly becoming mainstream. Amid concerns of COVID-19 and the economic uncertainty, consumers are stocking up on food, water, toilet paper and hand sanitizer. But how much effort is being made in parallel to put finances in order?

Most Americans are living one crisis away from economic uncertainty And they're not just low-income Americans. More than 70% of Americans live paycheck to paycheck, according to the American Payroll Association, and nearly three in 10 Americans have no emergency savings, according to Bankrate's Financial Security Index.

When you're feeling depressed by illness or paralyzed by the stress of "imminent doom," the last thing you want to do is make sure your basic needs can be met. So what you do now can help ensure your financial security and minimize unnecessary and costly surprises, like late fees, or increased interest rates, or worse, indebtedness.

Here are four steps to prepare your finances like a survival professional.

STEP ONE: CONSOLIDATE YOUR FINANCES
If you can't see your entire financial position in one place, take the time to add your accounts to see where you stand with your savings, spending, debt and investments. See if your bank or credit union offers tools to enable this, or use an app like YNAB (You Need A Budget).

With interest rates coming down, it's worth looking at how you can save some money on interest payments. If you have multiple credit cards, look for deals to consolidate them into a single monthly payment through a debt consolidation loan. And then set up an automatic payment on that loan!

STEP TWO: AUTOMATE YOUR PAYMENTS
See if your bank or credit union offers an automated bill payment service, and sign up. The more bills that have been automatically paid, the less likely it is that you won't pay if you're sick.

STEP THREE: LIGHT UP YOUR PARTNER
As the old saying goes, hope for the best but prepare for the worst. Have the hard talk with your partner or family about your overall financial situation. If you handle finances, it's important to share details of how to access the accounts with your partner.

If you've been a passenger in your own financial life, now is the perfect time to commit. One resource to guide you through the process is Tips for Talking About Your Finances with Your Partner and Preparing for economic uncertainty.

STEP FOUR: ISOLATE YOUR LOVED ONES

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If you have children, make sure you have life insurance (it may be cheaper than you think).

And if nothing else, now is a good time to define what "emergency" means to you. The general rule of thumb for an emergency fund is to have three to six months of spending in savings, so you can weather short-term storms. If you don't have this, look for expenses that you can cut now and divert to savings.

Preparation is no longer the domain of the inhabitants of the periphery. With school closings, working from home and canceling events, many people will have extra time on their hands. So use that time to prepare your finances to clarify your financial position and plan for the future. If not now, what are you waiting for to prepare for economic uncertainty?