There's no way to sugarcoat this: The markets look terrible right now. We're halfway through March and Wall Street is on track for its worst month in more than three decades.

The S&P 500, the broadest measure of American stocks, is down 16.9% so far this month -- putting it on track for its worst month since October 1987, when the infamous "Black Monday" market crash happened.

US Chamber of Commerce calls for support so businesses can keep going

America's Chamber of Commerce today called for measures to support US businesses of all sizes to ensure they can weather the storm of the coronavirus fallout.

Though pleased with what Congress has done so far, more action is needed, said Tom Donohue, CEO of the chamber, in a statement.

"No business or family should go bankrupt from the temporary but significant disruption caused by the Coronavirus,” Donohue added.

The chamber is calling for three measures:

A cancellation of all payroll taxes paid by employers for the months of March, April and May, which would be a monthly relief of some $100 billion for companies and could give them breathing room to fund paychecks.

Expanding and streamlining of loan programs for small businesses experiencing revenue loss as a result of the coronavirus outbreak.

The creation of credit facilities to provide loans and loan guarantees to employers with more than 500 employees that have witnessed revenue losses.