The most recent S&P data show 2023 corporate bankruptcies rising at an alarming clip. Data show 236 bankruptcies were recorded through the end of April 2023 (109 had been recorded over the same time period last year). UBS also found in a recent study that bankruptcies worth $10 million or more had a rolling average of about 8 per week.

Researcher and economist Peter St Onge boiled the situation down in a video, blaming the problem on one key facet.

"Simple. Banks aren't lending," St Onge said.