What is a moratorium?
A moratorium is simply a halt to an activity. Moratoriums can be announced by individuals, businesses, or governments. Typically, however, moratoriums only occur because of a crisis that makes it difficult for one party to fulfill an agreement.
Moratoriums are often confused with grace periods. Although they're somewhat similar in their goal of providing relief to one party, grace periods are typically far shorter in duration. A grace period can be one that allows a renter to make their monthly payment within five days of the actual due date; moratoriums are generally more open-ended, often lasting weeks, months, or even years.