Web hosting companies do provide you with a grace period for paying the web hosting invoice.
However the actual grace period for the web hosting company invoice can vary from web hosting company to web hosting company.
Some web hosting companies have a grace period of 7 days and some web hosting companies have a grace period of 14 days after the web hosting invoice is due.
After the grace period, the server or hosting account is suspended and then eventually deleted soon afterwards.
While web hosting companies provide a grace period for paying the invoice late, many web hosts will suspend the service soon after the due date, which can be within a few days.
During the suspension of your web hosting account, your website will not be accessible and so it's important to pay the web hosting invoice soon.
After the grace period passes, the site will go offline and either be suspended at first and then the data is deleted, once the web hosting account is terminated.
Paying your web hosting invoice on time is important to prevent the loss of your data as well as downtime.
While it can vary, you should assume that your web hosting account will be suspended within 1 to 7 days if not paid by the due date.
Contact your web hosting to request a payment extension, which they may grant you and check your specific host's terms that regard grace periods as they will indeed vary greatly.