The torrid pace of bankruptcy filings by U.S. businesses has ebbs and flows, but the tide is not receding.  The economy continues to struggle under the weight of the COVID-19 pandemic.  

There has not been any substantial change in the fundamentals of the business cycle and Washington has been unable to produce another round of stimuli.  So, we need to be careful about drawing conclusions from any short term variance in the rate of bankruptcy filings.

This article from Bloomberg identifies several factors that point to a prolonged downturn.  But the biggest impediment to economic growth in the U.S. is consumer confidence.  Until people feel their jobs are secure, and safe outside their homes, consumption and economic demand will remain anemic and businesses will continue to restructure or fail.