It is not reductive at all. The virus is the cause of the shutdowns, the lack of revenue, and any defaults expected to happen. Take one company, Royal Caribbean

It is not reductive at all. The virus is the cause of the shutdowns, the lack of revenue, and any defaults expected to happen. Take one company, Royal Caribbean Cruises, which lost 22 billion in value because of specifically the virus. They are literally forcibly getting shut down and this is not dissimilar from the hotels, airline, and other travel industries. Events over 50 people are not allowed due to the virus, think about the effect of that on the economy with sporting events, conferences, and all the revenue that comes from that. Study the effect of holding an effect on an economy like say a UFC event coming to town. One event alone feeds millions and millions into the economy. Not having those events taking place loses again all hotel, airline, restaurant, event venue, city taxes, and shopping revenue. Events are such a huge part of the economy and removing them due to the virus is literally the cause.