Business group IBEC has warned the costs associated with social distancing will mean many businesses will not re-open.
The group has outlined a €15bn 'reboot plan' it wants to see implemented within the first 100 days of government formation.
It says automatic stabilisers, such as enhanced welfare supports, will offset about 30% of GDP decline and the remaining 70% - or €20bn - should be allocated through a stimulus package.
It says this should be delivered during 2020 and 2021.
"This would involve new measures of about €15bn, in addition to supports already announced by Government," IBEC says.
It includes continued liquidity supports for business such as a write-down of some debts and cash grants to SMEs.
It is also proposing stimulus measures for impacted business sectors - like grants to help with required social distancing investments and the re-introduction and expansion of the 9% hospitality VAT rate.
It also says the Government should immediately establish a Commission on Taxation to address both the tax revenue challenges of the crisis and a range of other long-term issues - such as environmental taxes and the sustainability of the wider tax base.
The group is also calling for an increase in employment support funding through the JobsPlus scheme.
On this, IBEC says: "This scheme is a proven way to get people back to work and supports should be increased and targeted at the most impacted sectors and regions."
Speaking to Breakfast Business, IBEC's director of policy Fergal O'Brien says the Wage Subsidy Scheme will need to run beyond 12 weeks to take account of the containment measures impacting on businesses.
"We've got to face the commercial reality for many businesses: the costs of social distancing will mean that many businesses unfortunately will not open, even after the Government containment measures are lifted.
"We need to move beyond those mitigation measures as well because that's what we've done to date: we need a stimulus plan."
He says there needs to be targeted interventions in sectors such as hospitality, for both businesses and consumers.
"We want to see an opportunity for businesses, where they can afford it, to give tax free vouchers to staff, we want to encourage more people to work from home, we need a very significant investment plan for the economy through the National Development Plan to support our sustainability agenda - to make sure that infrastructure projects are going to be delivered.
"And crucially with all of that investment plan... that needs to be delivered quickly, because our project timelines in Ireland have been way out of whack with what happens internationally".
