This CNBC 'apocalypse' headline was renamed to be less scary. The previous headline was 'tsunami of evictions'.

In fact, between March 25 and April 10 of this year, nearly half of renters aged 18 to 64 reported that they were having trouble paying their rent or utilities, were food insecure or couldn’t afford needed medical care, according to the Urban Institute.

Thousands of tenants have been missing rent payments over the past few months...To keep people in their homes, the federal government banned evictions in federally assisted properties through July 25, and some cities and states, including Massachusetts, New York and Michigan, put their own temporary eviction moratoriums in place. But many of those bans begin expiring this month depending on the state...
Plus, the extra $600 per week in federal unemployment benefits is set to expire at the end of July.

One fifth of adults polled in May said they had slight or no confidence they would be able to pay their rent or mortgage due in June, and that's before the federal support is ended.

The scary part is that this is only the first stage of the crisis.
Here's Buzzfead:

The US economy right now is like a jumbo jet that’s in a steady glide after both its engines flamed out. In about six weeks, it will likely crash into the side of a mountain...
As millions of people experience a sudden collapse of their income at the very moment their landlords are allowed to start kicking them out, other bills will also come due. Payments on millions of paused student loans will begin again at the beginning of October; the more than 4 million homeowners who received a six-month pause on their mortgage after April’s mass layoffs will need to start making payments again at the end of October...
By some estimates, more than 40% of all the job losses of the last few months could be permanent, not temporary.

So reality starts returning in a couple weeks, and fully returns in October.
Then the fallout starts happening.

This is the Atlantic:

banks learned few lessons from that calamity, and new laws intended to keep them from taking on too much risk have failed to do so. As a result, we could be on the precipice of another crash, one different from 2008 less in kind than in degree. This one could be worse...
After the housing crisis, subprime CDOs naturally fell out of favor. Demand shifted to a similar—and similarly risky—instrument, one that even has a similar name: the CLO, or collateralized loan obligation. A CLO walks and talks like a CDO, but in place of loans made to home buyers are loans made to businesses—specifically, troubled businesses. CLOs bundle together so-called leveraged loans, the subprime mortgages of the corporate world. These are loans made to companies that have maxed out their borrowing and can no longer sell bonds directly to investors or qualify for a traditional bank loan. There are more than $1 trillion worth of leveraged loans currently outstanding. The majority are held in CLOs.
The Bank for International Settlements, which helps central banks pursue financial stability, has estimated the overall size of the CDO market in 2007 at $640 billion; it estimated the overall size of the CLO market in 2018 at $750 billion. More than $130 billion worth of CLOs have been created since then, some even in recent months.
...The Bank for International Settlements estimates that, across the globe, banks held at least $250 billion worth of CLOs at the end of 2018.
But in December, the Financial Stability Board estimated that, for the 30 “global systemically important banks,” the average exposure to leveraged loans and CLOs was roughly 60 percent of capital on hand.

So over and above the consumer getting wiped out, the CLO market is about to crash because businesses can go bankrupt easier than consumers can.
This will blow up some banks.

This headline is Bloomberg:

Covid-19, and the economic crisis it has triggered, is stretching this tension between saving and the current-account to the breaking point. The culprit: exploding government budget deficits. According to the bi-partisan Congressional Budget Office, the federal budget deficit is likely to soar to a peacetime record of 17.9% of gross domestic product in 2020 before hopefully receding to 9.8% in 2021...
Compared with the situation during the global financial crisis, when domestic saving was a net negative for the first time on record, averaging -1.8% of national income from the third quarter of 2008 to the second quarter of 2010, a much sharper drop into negative territory is now likely, possibly plunging into the unheard of -5% to -10% zone.
...It will be inflationary — a welcome short-term buffer against deflation but, in conjunction with what is likely to be a weak post-Covid economic recovery, yet another reason to worry about an onset of stagflation — the tough combination of weak economic growth and rising inflation that wreaks havoc on financial markets.

This last scenario may not happen, but the first 3 are baked in.