MERISTEM INSIGHTS
LONG AFTER THE END
According to EPIQ AACER, U.S. commercial bankruptcies in September spiked 78% from a year prior. As you might anticipate, the majority of those filings are coming from small to middle-sized businesses in industries directly impacted by the economic shutdown (e.g., restaurant and retail). Despite monetary policies that have been put in place to ease financial conditions, as well as historic fiscal stimulus programs like Paycheck Protection and Main Street Lending, commercial bankruptcies continue to increase.
Source: Variant Perception 
Though it may not feel like it, the recession has ended (if we use a literal definition) and we have begun a recovery. That is the good news. The bad news is that Chapter 11 bankruptcies, historically, have not peaked until five to six quarters post-recession. Time will tell the duration and shape of this recovery, but we should be prepared for the effects of this economic shock to linger for years to come.
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