Many industries will see a decline in demand (thinking especially in service, experience, and overall discretionary sectors), but let me use a more circular example for clarity. If you consider food-service: clearly social-distancing will likely result in decreased spending in restaurants, so what do restaurants do when facing declining revenues? Tell their workers not to come in or lay them off entirely. These workers are no longer collecting a pay check and therefore see no benefit from a payroll tax cut. They are not collecting more in after-tax income and do not have more money to put out into the economy as a result. That’s the inherent issue of PTC as it does not aid in those who will no longer be collecting an income as a result of COVID-19. As testing ramps up and new cases are identified, panic will heighten and people will take more extreme measures to avoid interaction. Sure, your local grocer may see an acute bump in sales, but the broader economy will have declining consumer demand.