One in four businesses that have reopened expect earnings to drop by more than 70% over the next three months.
A survey by Chambers Ireland shows firms back operating since Phase One of the lifting of Covid-19 restrictions are experiencing less than half of their usual levels of activity for this time of year.
Ian Talbot from Chambers Ireland says some businesses are being affected more than others.
"Businesses that reopened in Phase One are typically experiencing less than half the normal trading activity for this time of year," said Mr Talbot.
"Their immediate future expectations aren't significantly higher.
"There is also a regional impact here as well with our findings that the west, the border and the south-east seen to be more badly affected than other sectors of the economy."