Various analysts such as Richard Aboulafia forecast a full recovery for business aircraft by 2015, possibly 2013. 2011 is supposedly the "trough year" in the business dip. Risk-aversion by banks is the problem, because they aren't opening the vaults until they know they are getting it all back, and the business jet industry lags the overall economy. Not easy times, from my perspective here in Wichita.
Aerospace America article on GA (2009)
FlightGlobal on GA (2010)