I think this is an excellent analysis of the situation. I also believe that once if the lock-downs are lifted, if the pandemic doesn't return in force we'll see a huge surge in business openings and likely even new startups. At least if credit is reasonably easy to obtain. The one lagging question in my mind is will this depress wages or will the slew of minimum wage increases over the last couple of years prop them up? If the bottom of the wage pool loses ground, it'll just be more of a recovery that doesn't do much of anything for the average worker.