Universities are starting to see the costs of the lockdown, in lost revenue from students and medical centers and extra expenses from the transition to remote learning — here's a story on the University of California, but other universities are likely in similar or worse shape: https://www.latimes.com/california/story/2020-04-16/uc-reeling-under-staggering-coronavirus-costs-the-worst-impacts-all-at-once
So far my campus has not announced any specific cuts but colleagues predict that a hiring freeze, at least, is likely to come.
@11011110 My university has already demanded we cut our operating budget by 20% for next year in anticipation of a much smaller entering class. This has resulted hiring freezes, increased teaching loads, cancelled classes, and near-elimination of adjuncts. I'm at a small, private university, but if my school's paranoia is warranted (and I think it is), we could see a lot of vulnerable colleges and universities not survive the coming academic year.