According to the CDC, the risk of being exposed to the coronavirus (COVID-19) for most people is low. The CDC recommends taking simple, everyday steps to avoid catching or spreading respiratory diseases including COVID-19. These include covering your cough or sneeze and thoroughly washing or sanitizing your hands. Call your doctor and stay home if you are sick. Get more information at CDC.gov/coronavirus or contact the Tennessee Department of Health coronavirus information line at 877-857-2945 from 10 a.m. to 10 p.m. daily.

More than 53,000 hotel room nights have been canceled in Nashville and 75 group meetings because of concerns surrounding the coronavirus, prompting about a $28 million loss in direct spending, according to the Nashville Visitors & Convention Corp.

Statewide, business officials are bracing for the economic impact of the coronavirus outbreak that has interrupted supply chains, sent stocks tumbling and threatens the hospitality sector's momentum just ahead of spring break travel.

"This is going to be really important to Nashville because you all are a conference and tourism area," University of Tennessee economist Bill Fox said. "Hotels, restaurants, Uber, entertainment venues and so forth are clearly going to be impacted."

There have been four confirmed cases of coronavirus in Tennessee, with one case confirmed in Davidson County. The first case emerged Thursday in Williamson County and two other people - one in Memphis and one in Middle Tennessee -- have contracted the virus.

The SEC Men's Basketball Tournament remains scheduled to begin March 11 and the NRA annual meeting, which draws 7,000 room nights at its peak, is still planned for April 17-19.

"The overall risk of COVID-19 in the United States to the general public remains low at this time," said Butch Spyridon, CEO of the Nashville Convention & Visitors Corp. "In Nashville, all major events are proceeding as scheduled, and hotels, attractions, restaurants and venues remain open."

The largest canceled group meeting had 2,800 expected attendees and one canceled meeting has ended stays at multiple hotel properties.

The lost tourism dollars lost will affect Tennessee's and Nashville's tax base. The city, facing a budget shortfall last year, turned to the Nashville Convention & Visitors Corp. to help fill a $41 million gap.

"That is going to be real money," Fox said. "We are all hoping this is just a month or two and the world goes back the way it was."

Franklin Marriott Cool Springs General Manager Matthew Lahiff said in a letter to Williamson County commissioners this week that the coronavirus was hurting quarterly revenue.

“A week ago, we were expecting March to be a great month," Lahiff wrote. “Things are starting to take a turn, unfortunately, not to the positive.”

An event cancellation for March 7 cost the Williamson County Conference Center $100,000 and two more events that were likely to be canceled were valued at about $90,000, Lahiff said.

“The last time I remember such a quick decline in business was directly after 9/11,” Lahiff said.

Williamson County Mayor Rogers Anderson said at the county commission meeting on Monday that the virus "is penetrating the business core in Williamson County."

Tennessee Tourist Development Commissioner Mark Ezell said it was too early to gauge the impact on the state's tourism sector, the second largest industry in Tennessee.

“Tennessee is open for business to tourism, and we encourage travelers to exercise healthy habits and follow the guidance issued by public health officials,” Ezell said. “Currently, the risk to Americans and Tennesseans remains low, and there are no restrictions on travel anywhere within the United States."

► Newsletter: Stay safe and informed with updates on the spread of the coronavirus.

Dollywood Parks and Resort, a popular spring break destination in Pigeon Forge, has not seen any cancellations because of COVID-19, said spokesman Pete Owens. The resort is working with Covenant Health to prepare and respond if necessary.

"Dollywood has emergency plans in place for situations like this, and will act upon those plans, should the virus spread to East Tennessee," Owens said.

Stock market tumbles, Tennessee trade faces new hurdle

The coronavirus, which has led to 26 deaths in the U.S. as of Monday evening, has caused upheaval in financial markets globally. The S&P 500 and Dow Jones Industrial Average both fell more than 7 percent on Monday, with the Dow tumbling 2,000 points, its largest decline since 2008.

Fox said it is still too early to determine the overall impact of the coronavirus on the state's economy, but the stock market decline could impact consumer spending in the short term, particularly for big ticket purchases, Fox said.

"The market down as much as it is, you are likely to get a bit of retrenchment from consumers," Fox said. "This may all blow away in a couple of weeks and the market is back where it was, and it just delays when people buy cars."

In China, where the outbreak began, there have been more than 80,000 coronavirus cases and and 3,000 people have died.

Tennessee's strong trade relationship with China could harm the state's auto supply chain. China is a major exporter to Tennessee, delivering more than $23 billion in goods and $800 million in auto parts to the state last year, according to Tennessee Economic & Community Development Commissioner Bob Rolfe.

"This is the challenge with just-in-time inventory, which now drives just about every business," Rolfe said Thursday. "When you looked at what has happened, it has obviously created this enormous disruption."

Volkswagen Group of America chief executive Scott Keogh wrote in a March 3 letter to VW car dealers that Volkswagen's supply chain appears "very much in triage” as it seeks auto parts for future output at its Chattanooga plant.

In addition to production in Tennessee, the outbreak in China could also slow demand for Tennessee products. China has bought more than $2 billion in goods annually from Tennessee in the past two years, Fox said.

Local businesses react to virus concerns

The AT&T building, colloquially known as the “Batman Building," in Nashville closed Monday for a “thorough cleaning," according to a flier taped to the doors. Some Nashville businesses have canceled company events or have discouraged travel.

Amazon has put travel restrictions in place for both domestic and international travel, requiring special approval for essential travel, said Holly Sullivan, the director of worldwide economic development for Amazon. Amazon is also among firms encouraging workers to work from home in some areas.

Gov. Bill Lee, speaking with reporters after a Nashville Area Chamber of Commerce event Tuesday, encouraged employers to recognize the seriousness of COVID-19, but to keep perspective as they make decisions.

"For the vast majority of people who have contracted this illness, they are mild to moderate symptoms," Lee said. "The vast majority are not hospitalized. Keeping this in perspective will help us make appropriate responses. Individual companies and organizations should follow those guidelines and make responses as needed."

Tim Vogus, a professor of management at Vanderbilt University, said depending on how the virus unfolds in Tennessee, employers will have to think through remote work options or paid-time-off if school or office closures become more prevalent.

"People will be doing things a lot more virtually," Vogus said. "In some industries, there are well-established protocols for working virtually or remotely. Other organizations are going to have to starting thinking about how to do that. How do they get their work done if people can't be co-located?"

Employers also will have to consider whether workers will need to access paid time off or use sick days to respond to school closures or other absences related to the virus, he said.

Vanderbilt University announced Monday it would cancel classes this week and end in-person classes through the end of March, joining several other universities in heavily-impacted areas to cancel or suspend class. The decision was made after the school learned several students were exposed to an individual who tested positive for coronavirus on Monday.

Vanderbilt will adopt distance learning and other options through March and officials said that there is a possibility the school maintains an "alternative learning approach" through the spring.

The loss of student traffic on campus could impact Midtown businesses, further expanding the effect of the outbreak.

"It's those ripple effects," Vogus said.

Brett Kelman and Kerri Bartlett contributed to this report. Reach Jamie McGee at 615-259-8071 and on Twitter @JamieMcGee_.