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Rate cuts by themselves are not going to make much of a difference here, because this is ultimately not a liquidity problem, it's a logistics problem. Most larger companies have the liquidity, but getting the product to market, getting the workers to the business, getting the customers to the market, all of these things become harder.
For retail companies, it'll hurt, but they'll respond with drawdowns and layoffs that may or may not prove to be temporary. For the Amazons of the world, it'll be an inconvenience, but drivers and fulfillment workers (in places that aren't already fully automated) are young and immortal. If anything, the problem is that people will not be borrowing even at ultra low rates because there are fewer requirements to spend it, and the ones that most likely will need that liquidity are generally the ones least likely to have access to it.
Many of my coworkers are single parents, one income and hourly.
This may be a big problem if they close schools.
Macy's is dead – does not know that yet.