I don't know if this is his point, but a decent amount of cash went to individuals as part of Covid relief in different forms, and this caused a delay in bankruptcies because people were able to pay their bills. Pick your moral quandry.
1. A lot of companies got used to ZIRP money (not to mention the trickle-down effect to the rest of the economy).
2. The COVID printing spree/helicopter money had a knock-on effect of rising inflation (more dollars/demand competing for the same resources, or less). That was made even worse by tariff fluctuations.
3. The delta between revenue/investment money vs. cost increases relative to inflation likely exceeded the threshold for these companies to stay solvent (or to make it worth it to keep the business operational).