21 days is a heck of a lot. There’s no doubt that the 21 Day Covid-19 Lockdown will affect business owners badly, at least owners of manufacturing businesses, which can’t operate in Work From Home mode.
Only time will tell whether and how well they recover from the crisis.
I’m not sure if Government has any jurisdiction in the matter of EMIs and Rent or whether it even needs to intervene.
Loan is subject to Loan Agreement between the Borrower (Business Owner in this case) and Bank. All agreements tend to have a Force Majeure clause, which allows both parties to exit an agreement in the event of natural calamities, epidemics, and other so-called “Act of God” events. Covid-19 outbreak should definitely qualify for Force Majeure.
GSMA refuses to refund exhibitor fees for canceled MWC show, citing "force majeure".
Exhibitors refute the defence, saying not a single case of Covid-19 was detected in Barcelona when MWC was canceled.
Whence Force Majeure?https://t.co/SjZUtndw1P via @TheRegister— GTM360 (@GTM360) March 18, 2020
Even without any government intervention, Business Owner should be able to invoke Force Majeure and stop making loan repayments. Of course, the Bank will also equally well be entitled to invoke Force Majeure and foreclose on the asset involved in the loan.
The situation w.r.t. rent is similar – it’s a contract between Tenant (Business Owner in this case) and Landlord, and is subject to Force Majeure.
DISCLAIMER: This is not legal advice. Information in the above answer is provided without any warranty or guarantee. Please take legal counsel if you choose to act on it.