Whether it was the 9/11, the financial crisis of 2008, or the Covid19 pandemic, business always goes through the same predictable cycles.
At first, there is silence, and no one is reacting to the collapse. Then, some clients start to put deals or hold. First it's just a few clients, but soon enough your phone does not stop ringing, and everyone is cancelling.
Once the crisis is over however, people inevitably return back to business. Their focus shifts to being more sustainable and more cautious at first, but before you know it, everything is back to business as usual.
As a business owner it is important to recognize that this cycle will always happen, and to react accordingly. Your job is not to come out of it the same way that your company looked like before it, but to emerge alive.