The first wave of startup layoffs came from businesses that were dramatically impacted by shelter-in-place orders (travel, events, retail etc).

We're now entering the next wave, where companies are cutting to "control costs." An example: https://therealdeal.com/2020/04/06/rental-insurance-startup-jetty-lays-off-40-of-staff/

Who knows if or when unprofitable companies will be able to raise new funding. We are going to be seeing more cuts like this in the scramble to break even. Cash is king etc etc etc