IBEC's warning new financial supports will need to be scaled up significantly over the coming weeks if Irish companies are to weather the Covid-19 crisis.
Yesterday, the Government announced it was adding 450 million euro to two loan schemes, bringing the total available to firms to 1 billion.
IBEC has welcomed the announcement, but estimates up to 30 billion will ultimately be needed by the tens of thousands of firms around the country.
Fergal O'Brien, from the employers' body says the new scheme will be of benefit in the short time.
"Companies that are still trading, they really will need those supports for working capital which will be very significant.
"The credit guarantee element of the schemes as well will also give companies more comfort, and will support bank lending to try and keep credit moving across the country.
"But overall we do think that the scale of the supports provided to agrees the cashflow crisis will need to improve significantly over the coming weeks."
Meanwhile nearly half of all businesses in Ireland have laid off staff because of the coronavirus pandemic.
According to a survey by Chambers Ireland, a fifth have let their entire staff go.
42 per cent of businesses have closed entirely, and most expect to be shut for three months.
The survey took place throughout Ireland to assess the impact of Covid-19 on the business community.
