From a recent paper of mine:

The Journal of the American Medical Association offers insights into the monumental economic costs of COVID-19. An article in the October 2020 issue observes that “a statistical life is assumed to be worth $10 million. With a more conservative value of $7 million per life, the economic cost of premature deaths expected through the next year is estimated at $4.4 trillion” (Cutler, 2020). And that’s just counting the economic loss due to death. The article provides a breakdown of the estimated $16 trillion loss to the economy: $7.6 trillion lost in GDP, $4.4 trillion in premature deaths, $2.6 trillion in long-term health impairments, and a $1.6 trillion in mental health impairment. The journal concludes that the economic loss to the U.S. alone amounts to $200,000 per family of four (Cutler, 2020).

The costs, moreover, continue to mount. The JAMA article cites a Rockefeller Foundation estimate of $100 billion to cover 30 million weekly tests and associated contact tracing through summer 2021 (Cutler, 2020). The Biden administration has promised to have most Americans vaccinated by then—a complicated process that carries its own costs. The contract with Pfizer for 100 million doses of COVID vaccine cost the U.S. government approximately $2 billion (Pfizer, 2020). For a population of about 300 million at two doses per person, the contracts with pharmaceutical firms alone ring up at $12 billion. Add to that transportation, refrigeration, storage, personnel, and administrative costs, and the pricetag is astronomical.

Link: https://jamanetwork.com/journals/jama/fullarticle/2771764

There is a separate part on the effect on the US economy specifically. The pandemic was way worse than 2008/9 and pumping money into the economy now will help with a faster/better recovery. As far as I understand, the economic effects can, if not dealt with now, impact the next decade.

Link: https://www.washingtonpost.com/business/2021/01/28/gdp-2020-economy-recession/