Several Hotels I know tried to lower rates more than $20 or so, but it didn't help any. Some of it depends on what their compset is doing, but usually you can't increase demand with a lower rate, if there isn't demand to begin with.
With little revenue coming in, F&B outlets have closed, except for limited room service.
Once you have low rates out there, it's just that much harder/longer before you can raise them back up.