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Illustration: Rebecca Zisser/Axios

For the last couple of years, startups have been preparing for a recession, but the coronavirus pandemic and its effect on the economy are unlike anything they predicted.

Why it matters: Even companies that had recession plans and have been modeling burn rates, cash flow, and dips in business are throwing those projections out the window and taking drastic measures.

Case in point: TripActions, a company whose app lets employees book their business travel, laid off three hundred employees this week — roughly a quarter of its staff, per Protocol.

  • Last October, co-founder and CTO Ilan Twig told Axios that the company had been preparing for a recession with cash in the bank and modeling potential decreases in business travel.

Between the lines: Whatever TripActions predicted about a recession was much milder than what it’s facing right now, as business travel has essentially dropped to zero across the U.S.

"This situation is one that virtually no one was prepared for," says Shift co-CEO George Arison, whose company recently announced salary cuts and furloughs.

  • "I mean, who would have ever thought that our entire economy would be 'shut down' for a month or longer?"

The big picture: Companies are rushing to stretch out budgets for as long as possible, given the fog of uncertainty hanging over the economy.

Go deeper: Sequoia Capital calls coronavirus "the black swan of 2020"

Go deeper

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.

2 hours ago - World

North Korea's military fires another ballistic missile into sea

A woman in Seoul, South Korea, walks past a television image if North Korean leader Kim Jong-un. Photo: Jung Yeon-je/AFP via Getty Images

North Korea's military fired at least one ballistic missile into the sea off its east coast on Tuesday, per multiple reports.

Why it matters: Pyongyang's latest in a series of recent missile launches happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.

Updated 3 hours ago - Politics & Policy

Trump sues National Archives, Jan. 6 committee to block records request

Photo: Chip Somodevilla/Getty Images

President Trump filed a lawsuit Monday seeking to block the National Archives from releasing White House records to the House select committee investigating the Jan. 6 Capitol insurrection, citing executive privilege.

Why it matters: It's the latest escalation in Trump's campaign to disrupt the committee's sweeping probe into the circumstances surrounding Jan. 6, including his actions and communications leading up to the Capitol attack.