At the onset of the COVID-19 crisis, global M&A deals unraveled, dropping 41 percent in the US year-on-year and 22 percent globally. As the crisis has continued, there are some signs that M&A activity is coming back, but will it be a real a rebound, or will activity remain subdued until a vaccine makes a full economic recovery possible? In the meantime, will previously prohibitive deals become viable as entire industries and business models are forced to adapt? Perhaps most crucially, given the increased liquidity, what will incite deal-makers to move off the sidelines and seize opportunities in a disrupted economy?