Definitely. Everyone would be affected by an economic recession but big businessmen or company owners are the one who would be later affected because they would be able to endure its early phase but eventually since they are business owners, their company would be more likely pulled by the problem, if the recession will be continuous and will stay for a long period of time.
For people who have been saving funds before they lose their jobs, that would even open some door of opportunities like investing in crypto or in real assets that would likely to gain huge profits in the future.
That's hard to do even if they've saved that much because what they'll think about is on how to survive having no job. That savings they've got will be used for it and that's why most of them barely will invest into assets like bitcoin. I'd tell them to be enough thinking about huge profits because that won't come in an instant after by just investing but it will require them a lot of time and patience until they meet it. Because it's unknown how long will they remain jobless and even if they put it into an investment, it's highly likely they'll pull it out there for survival.
Savings won't last forever and as long as they won't be able to do something to add up in their savings, it will eventually be consumed, more likely for a short period of time if the amount they saved is not that big, because recession is the continuous increase on the market price of goods or inflation at this moment.