With the exception of any additional government relief, you'll have to pay your balance when the deferment period is up. The plus side is that you won't be charged interest or penalties during this time.
What do we think about all of this?
Our goal has NOT changed - we need to finalize returns with the April 15th deadline in mind! 

Go ahead and file now. You'll have to do it sooner or later
This extension doesn't change the obligation to pay federal income taxes.  You may still be charged a penalty for not filing. Start thinking about gathering those tax documents and sitting down to file or contact an accountant to do it for you! 

We know... the word "extension" is music to the procrastinators ears but it's probably a good idea to go ahead, spend a couple hours, and get it over with. What else are you going to do with all that down time in quarantine??