As the public health crisis resulting from the COVID-19 pandemic evolves, the economic consequences are becoming increasingly clear. To halt the spread of this disease, public officials and firms are making policy and business decisions that are rapidly bringing parts of the economy to a necessary standstill.
Spending will fall rapidly at many businesses as people practice social distancing; firms are shutting down—hopefully temporarily; and millions of workers are experiencing reduced income (whether through hours reductions, furloughs, or layoffs), which will in turn put further downward pressure on spending.
The federal policy response thus far has focused on public health.
Source: The economic policy response to COVID-19: What comes next?