Ibec is calling for significant new government measures to support vulnerable businesses.
Ibec Director of Policy and Public Affairs, Fergal O’Brien, said not enough has been done.
He believes spending has focused too much on households and not enough support for businesses.
He said businesses need that "confidence boost" and the Government has "not done as much as we have seen elsewhere."
"The spending to date has been predominantly to households," Mr O'Brien said.
The Central Bank said the Covid-19 outbreak has triggered a severe economic shock, the likes of which has never been seen before.
The bank said the economy could shrink by over 8% of GDP this year and the unemployment rate could peak at 25% in the coming months.
Meanwhile, Brown Thomas Arnotts is to pay staff all their pay and benefits while the stores are shut.
The outlets closed recently because of the coronavirus.
The company says it will avail of the state's wage subsidy scheme and will ensure every employee gets 100% of their salary.