U.S. companies are expected to slash dividends at a rate not seen since the global financial crisis.

A total of 21 companies in the S&P 500 Index, including Starbucks Corp., Simon Property Group Inc., and Royal Caribbean Cruises Ltd., are projected to trim their payouts in the second quarter, according to forecasts from Bloomberg specialists. That would be the most since early 2009, the tail end of the global financial crisis.

Companies are cutting back on shareholder returns, seeking to preserve cash at a time when the coronavirus pandemic threatens to throw the economy into one of the deepest contractions in decades. Ten firms, including Delta Air Lines Inc., Ford Motor Co. and Macy’s Inc., have said that they will suspend their dividends in the second quarter -- a rare move for S&P 500 members.

Bloomberg Dividend Forecasts are based on a model that incorporates a company’s dividend history, earnings trends and implied probability in the options market.

Of course, not all companies are ill-positioned. Some are even expected to continue to increase dividends, such as International Business Machines Corp., Johnson & Johnson and Apple Inc.

IBM, in particular, is seen boosting its payout by 7 cents a share to $1.69. That would be the 25th consecutive year of increases, making it eligible for inclusion in the S&P 500 Dividend Aristocrat Index.