Ireland's five retail banks - AIB, Bank of Ireland, Permanent TSB, Ulster Bank and KBC - will extend the loan repayment period for those affected by Covid-19 from three to six months.
It emerged earlier this month that over a million people in Ireland were getting "some sort" of State income support.
And around 600,000 are receiving the Covid-19 Pandemic Unemployment Payment.
Over 65,000 mortgage breaks and over 22,000 business breaks have been granted to date, according the Banking and Payments Federation of Ireland.
In a statement to Reuters on Thursday, the organisation said: "BPFI members strongly appreciate the severity of the impact on families, individuals and businesses and it is for this reason, that we believe an extension of the existing payment break beyond three months may be required by many customers."
As part of the deal struck with Finance Minister Paschal Donohoe last month, the banks agreed to suspend all mortgage payments due if homeowners are strapped because of coronavirus.
They also said that they would hold off on chasing small businesses or other borrowers over the next three months.
And all court cases or repossessions that could have arisen from any late payments or defaults have been put on hold.
Buy to Let mortgage holders are also being offered relief, which will allow landlords extend relief to their tenants, and the minister has said explicitly that he is ordering this relief be handed down to renters.
The move comes as Taoiseach Leo Varadkar is expected to extend Ireland's lockdown restrictions on Friday.
Speaking on Wednesday, he said that the number of cases in Ireland "at this time" were too high to see easing of measures on May 5.
If you wish to nominate someone for our Covid-19 heroes campaign, all you have to do is email their name and a few details to heroes@irishmirror.ie.
