This study is to investigate the factors that determine financial distress by taking into account of leverage and corporate governance during and after Covid 19. The data used in this research is secondary data from 138 manufacturing companies during the research period 2020 to 2022 so that the observations in the research totaled 414 observations. The model estimations used in the research is linear regression analysis of panel data with the selected model is the Fixed Effect Model which is used to analyze the relationship between the independent variable and the dependent variable. The research for overall model shows that leverage and board independent commissioners has negative and significant effect on financial distress, this meat that increase debt ratio and increase the number of board independent would lead reduced the financial distress. However, ownership concentration and board of directors seems to have positive effect and significant on financial distress, but institutional ownership also has positive and insignificant effect on financial distress. While compared the results by time period of Covid 19, the result has similarly with overall, leverage and board independent has negative effect during and after covid 19 on financial distress, as well as ownership concentration and boar of director has positively and significantly affected financial distress during and after covid 19 for manufacturing companies.