The Democrats won a wave election in 2008 because the public correctly perceived that the usual GOP menu of tax cuts and deregulation wasn’t a solution to a financial crisis. John McCain made his name attacking bridges to nowhere. Did you really want to hire him to bail out GM?
Whether 2020 turns into a similar debacle for the GOP depends largely on what happens during the next several weeks. The current plan to revive the economy, if you can call it that, is to boost supply by reducing unemployment benefits and thereby forcing people to go back to work. The problem, of course, is that the recession is primarily the result of a lack of consumer confidence; in other words, it is driven by a lack of demand, not supply. Many of the jobs to which the workers are being compelled to return no longer exist. Increasing misery will make the problem worse, not better.
If the GOP sticks to this line, and additionally refuses to assist state and local governments, the recession will deepen, and they will justly be blamed for it in November.