Before layoffs, consider all your non-obvious options for reducing cost. A four-day work week for roles where you have excess capacity will reduce staff cost by nearly 20% (assuming some costs will remain due to overhead and benefits). Some employees might agree to working half-time if they know that doing so will save jobs.
Consider decelerating pay decreases for lower salary ranges to protect employees who are the most vulnerable. For example, you might reduce salaries of your highest paid employees by 10%, mid-range salaried employees by 5%, and everyone else above a certain threshold by half of that.
Can the business continue providing medical benefits to furloughed or laid off employees for a period of time? Can wages be cut by a certain percentage or hours reduced by a certain number to decrease the number of layoffs, furloughs, or terminations? Can you partner with other businesses to help employees connect with quality companies that are hiring for temporary positions? These are things you should consider to help employees and treat them with respect.