Use when something is so difficult it's almost impossible due to current conditions. With the market crash, they'll be hard pressed to keep the business afloat.
Pro Tip 2/3
Time Constraint
It's useful when explaining tight deadlines or limited time to complete tasks. We'll be hard pressed to prepare the report by tonight.
Pro Tip 3/3
Skepticism Expressed
When you doubt something can happen due to lack of evidence or difficulty. You'll be hard pressed to convince them without any proof.