My assumption is that old grants so far will still get paid out but any new grants (vital to any biomedical/biotech research career) is effectively on pause because NIH study sections that evaluate grant applications are canceled.

If grants are not funded, then departments likely will not renew faculty contracts because they cannot keep the lights on (and if said faculty has tenure, they will likely cut junior faculty that don't have it)

Essentially an entire class year of biomedical research is on hold.