Thank you. I have a whole bunch of questions here, but I think I'm going to skip down to one.
You mentioned that, because of the supports, there are businesses that may not have been successful but have managed to survive. We've seen bankruptcy rates actually drop during the pandemic, something that I think many people would find counterintuitive and running counter to the popular narrative out there.
You also said that higher wages hurt low-margin employers and that as we see wage growth in those low-wage sectors there needs to be an off-ramp for businesses that are unable to operate in those low-margin environments. I wonder if there are certain sectors that would be particularly affected by that. I'm thinking of friends I know who own restaurants, a notoriously low-margin area of business with high risk.
Especially given the effect, as you said earlier, of low-wage workers moving to higher-wage positions when they were laid off, how do we ensure that family-owned restaurants, for instance, are able to survive the pressures you mentioned during your presentation?