Odds are the stock market comes back, CARES put in a decent amount of backstops for things like the mortgage industry and other 'big' sectors do they'll have available capital as we come out of this to start doing things that make their stocks more attractive. Also generally speaking good odds that industries like airlines and such can successfully lobby for more bailouts. So I buy the S&P will be up and we'll just all be ignoring the total gutting of small businesses.
Plus if say you're a chain restaurant right now, the future probably looks bright. You had the credit to weather a year of takeout only. Meanwhile three of the four family restaurants nearby that you competed with are dead and gone.
Basically very few folks who trade on the S&P went out of business, but a lot of their competitors did. Sure you'll have an entire cohort of newly impoverished that can't spend, but a bunch of your competitors went away. Going to be one of those summers where my ETFs are going up at the same time the food pantry is seeing record usage.