What a difference a month makes.

Then: The nation’s largest companies were on top of the world — buying back stock, watching their share prices flirt with all-time highs and hiring in droves.

Now: Corporate America is prepping for what could be a very lengthy and severe recession.

The big picture: The never-before-considered scenario of revenues coming to an absolute standstill is now a reality for a slew of companies from a cross-section of industries. And it’s threatening millions of jobs.

Companies are going to lengths to preserve the cash they have — and seeking ways to raise more.

They’re fortressing their balance sheets and, in some cases, looking to federal bailouts.