Here are a few tips for dealing with this sad situation - with class.
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Part Time: If possible, move to part-time workers. This can save you some money, add flexibility, and keep your employees with you (at some level).
If you don't have any choice, you may have to let someone go. Remember: Every change involving employees affects your culture.
Do it with class: Don't fire someone Friday at 5PM. Be as kind as possible under difficult circumstances.
Be consistent: Treat everyone the same when you let them go. Remember that the remaining employees will be watching.
Finally, you need to make the best of a bad situation with your remaining employees. If you have some spare time inside your company, make sure you manage them effectively. Set goals and measure the results.
Manage well: Set measurable goals - and measure them! Remember, some people are not built to work from home. Find tip sheets on working from home. Encourage employees to be effective and productive while working from home.
This is also a great time to work on training - especially on the skills they need going forward (such as Azure Active Directory). What will your company be selling at the end of 2020? Make sure you're trained on that!
Sherweb's YouTube channel is here: https://www.youtube.com/user/SherWebOfficial
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FTC note: I was compensated by Sherweb for the creation of this video, but received no compensation for this blog post.