If this reflexive loop kicks in people have lesser disposable income and a lot of people will get unemployed ( we can see the early signs in the hospitality and airline industry already)
If this continues, then there will be foreclosures. Asset prices are going to go down. We will enter a recession. If Banks stay alive and liquidity is pumped into the system by the Fed, then we could see a reversal, if the shock persists for longer and finding the vaccine takes more time, we could head towards a depression.
Obviously there are tons of moving parts and there is no way to predict the future, but its likely that we will have a recession. There is a low probability that this will head to a depression because the Fed has been printing loads of money, but if this stops working, they have no more tools in their arsenal to revive the economy.