In March, my wife had hers cut 10% and I was laid off. (She works for a major top-ten multinational engineering firm, and I worked for a major travel industry company in tech.) Everyone in her company above her took a 20% pay cut. These weren't small companies; my employer cut 3,000 people and reduced the pay of a chunk of their other 20k employees, and my wife's company employs more than 40k-ish full time and many more contractors and subcontractors.

It's the knock-on effect that I'd worry about. We immediately cut all of our luxury spending, canceled our wine club subscriptions and gym memberships and started buying boxed wine and lifting weights in the garage again... we're not sure yet if we'll go back to those things when this is all over.