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U.S. bankruptcy filings hit their lowest level since 1986 last year thanks to unprecedented fiscal and monetary support from the Fed and Congress.

By the numbers: Total bankruptcy filings for the year fell to 529,068 filings across all chapters, while total filings in the month of December was 34,304, the lowest monthly total since January 2006, according to a release from legal services company Epiq AACER. The number of total 2020 filings was about 1/3 of the number seen in 2010.

What they're saying: “New bankruptcy filings continue to slide into record territory as the global pandemic spurs regulatory intervention to keep U.S. consumers and businesses afloat,” Chris Kruse, senior vice president of Epiq AACER, said in a statement.

  • "The second stimulus package totaling over $900 billion is getting capital into the market and delaying bankruptcy filings across the country.”

Between the lines: “The peak in Chapter 11 filings for Q2 and Q3 is due to preexisting distressed companies coupled with the onset of a zero-revenue environment. The federal backstop proved a vital lifeline for the stabilization of corporations to protect the US economy,” said Deirdre O’Connor, managing director of corporate restructuring at Epiq.

  • “This federal intervention created record breaking capital deployment fueled by investors chasing yield as companies attempt to ride out this storm.”
  • Chapter 11 filings, which are primarily used to reorganize larger businesses, jumped 29% in 2020 to 7,128, compared to 5,158 in 2019.

Go deeper: Government interventions are masking a growing corporate insolvency crisis

Go deeper

Updated 19 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Pfizer coronavirus vaccine safe, effective in children, company says — The COVID booster vaccine discussion is far from over — Cuba becomes first country to begin mass vaccination of children.
  2. Health: Chicago has highest COVID-19 case rates in city worker neighborhoods — International Mission Board to require COVID vaccine for missionaries.
  3. Politics: Biden administration to lift travel ban for fully vaccinated international travelers — Footage shows new details after NYC restaurant incident over proof of vaccination.
  4. Education: More schools using "test-to-stay" strategy to minimize quarantines — Most Kentucky school boards vote in favor of mask mandates —Denver looks to students to close Latino vaccination gap.
  5. Variant tracker: Where different strains are spreading.
40 mins ago - World

U.K. prosecutors charge third person in poisoning of former Russian spy

Emergency services members in biohazard encapsulated suits encasing the poisoning scene in a tent in Salisbury, England, in March 2018. Ben Stansall/AFP via Getty Images

U.K. prosecutors said they had enough evidence to charge Denis Sergeev, a member of the Russian military intelligence service, in the 2018 Salisbury nerve agent attack against a former Russian spy, according to AP.

Why it matters: Sergeev is the third person to face charges for the nerve agent attack against Sergei Skripal and his daughter, Yulia, both of whom survived.

2 hours ago - Technology

Scoop: More boycotts coming for Facebook

Illustration: Sarah Grillo/Axios

Leaders of the Stop Hate For Profit social media boycott group are discussing whether to organize another campaign against Facebook in light of an explosive investigative series from the Wall Street Journal, Common Sense CEO Jim Steyer tells Axios.

The intrigue: Sources tell Axios that another group, separate from the Stop Hate For Profit organization, is expected to launch its own ad boycott campaign this week.