Recall how bad things were in 2009-2010 when the unemployment rate was 10%.
Let the idea of a 20% unemployment rate sink in.

U.S. Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the country’s unemployment rate could hit 20% if they failed to act on a proposed coronavirus rescue package, a person familiar with the closed-door meeting said.

Mnuchin met with senators to persuade them to pass a $1 trillion stimulus package that would send cash to Americans within two weeks, and backstop airlines and other companies. The Senate is majority-controlled by President Donald Trump’s fellow Republicans.

A Treasury official said Mnuchin was not providing a forecast but trying to illustrate the potential risks of inaction.

It might be hyperbolic, just to scare the senators into action.
OTOH, it might be true.

In Ohio, more than 48,000 people applied for jobless benefits during the first two days of this week. The tally during the same period the prior week: just 1,825.

In neighboring Pennsylvania, about 70,000 people sought unemployment aid in a single day — six times the total for the entire previous week.

It's the same story in Minnesota, New York, Massachusetts, etc.
Many of these layoffs won't be temporary.
Plus there are two major problems.

Yet 21 states began the year with less than the amount recommended to remain solvent in an average recession, according to a U.S. Department of Labor report...
The last recession led to the insolvency of unemployment trust funds in 35 states that collectively racked up more than $40 billion of debt to keep paying unemployed workers. In many states, those debts were repaid through higher taxes on employers.

To shore up their trust funds, some states also cut the amount and duration of benefits for those who became unemployed in the future.

Unemployment insurance was always insufficient to live on, and Republican governors made it that much worse during the Obama years.
But even that isn't the biggest problem.

For one, gig workers — who represent a greater share of the workforce than in the past — don’t qualify for unemployment benefits, said Wandner, a former actuary at the Department of Labor. Uber, Lyft and other companies employing gig workers don’t pay taxes that fund states’ unemployment insurance trust funds.

“That’s a big problem,” said Wandner, especially since the coronavirus’ economic hit seems particularly acute in service industries replete with gig workers.

In another twist, part-time workers who lose their jobs also can’t collect benefits in many states unless they can prove they are looking for full-time work, experts said.

Insufficient tax funding has also led many states — mostly in the South — to reduce the maximum duration and amount of unemployment payments, and make it more difficult to apply and be eligible for benefits, Wandner said.

Gig workers are about to starve.
The gig economy is about to be exposed for what it always was: exploitation.

At a national level, workers collecting unemployment replace roughly a third of their prior weekly wages. That’s a reduction from around 37% a few decades ago, according to a report published in January by the Upjohn Institute.

The share of unemployed workers collecting unemployment checks has also dropped nationally, to about 30% today from more than 40% a decade ago, according to the Upjohn Institute. In North Carolina, just 11% of unemployed workers receive benefits, the lowest share of any state.

“There are states that don’t want to pay benefits,” Wandner said. “And they do a good job at not paying.”