The Minister for Public Expenditure and Reform says some businesses are going to face some serious viability issues in the coming week.
Michael McGrath said the picture is evolving and we do not yet have a full grasp on the way businesses and the economy will respond.
This is why, he said, the first business of Government will be to introduce a jobs and investment stimulus.
Mr McGrath said the wage subsidy scheme is one of the big ticket items to be dealt with in the July initiative.
Currently, he said, the scheme is in place until the end of August and he does not see it ending abruptly.
The Minister said the July initiative will have sector specific schemes but said he was not in a position to give any commitment on tax cuts for different sectors.
Mr McGrath acknowledged that the tourism and hospitality sector is among the worst affected but taxation is just one measure that could be taken to help the sector.
He said that he expected the economy to have largely recovered in two to three years time and reiterated that austerity is not part of the plans to deal with the current situation.
When asked about reports that AIB is considering a defacto ban on offering mortgages to those on the pandemic wage subsidy or pandemic unemployment payment, he said he was unhappy with this and it is an issue he will be following up on.