Yes, exactly, as you guess.
When a company runs short of money, it has to survive in the short term, because surviving in the far future makes no sense if it dies in the near future.
So the management keeps the functions that bring money immediately: the sales, a part of the production. And it cuts the function that would be useful later: the R&D.
Not all companies have difficulties. Amazon, the Post, the companies that switched quickly to make disinfectant and face masks... earned some money.
These times, it's better to be hired by a government.
I suppose a few countries are better off. Australia, New Zealand?