The economic crisis precipitated by the spread of the COVID-19 virus is unprecedented in its suddenness, its severity, and its global reach.1 The collapse of demand in hard hit sectors has stopped production lines, put supply chains into a state of suspended animation, and forced companies to lay off or furlough millions of workers. While national governments respond to the crisis with public health initiatives and economic stimuli, businesses are still charting the right course of action. Leaders need to protect their employees while responding to customer demands. At the same time, they must safeguard the future of the company. 3 Managing Total Liquidity in Response to the COVID-19 Crisis Copyright © 2020 Accenture. All rights reserved.