We've been in one long cycle since 1998, continuing with the .com bubble and the GFC and finally Covid. With each one we've had to print more and do more to get out of it. Where it ends is anybodies guess...but each crisis requires a larger response
The purpose of a company isn't to employ people. It's to take raw inputs, including employee labor, and turn that into outputs that people want. Employee relief comes in the form of voting with their feet or if they're critical inputs into what the black box produces
Attorney General of NY looked at their books and found most of the collateral was there, although in the form of commercial paper. The risk is really in which companies debt they hold. If we see a perfect storm of something like 2008 where correlations go to 1 resulting in massive defaults AND a significant number of redemptions then I'd be worried.