If that is the lesson that businesses learn from this, the recession after this will last a lot longer than it needs to, as companies hoard more emergency cash

If that is the lesson that businesses learn from this, the recession after this will last a lot longer than it needs to, as companies hoard more emergency cash than they need, instead of it flowing through the rest of the economy. A better solution is to cover higher likelihood emergencies and for governments to step in (as they are doing) for very rare emergencies like this one.