Retail Excellence has forecast that another 200,000 people will be out of work by the end of this week, because of the measures put in place to tackle the coronavirus.
This is in addition to the estimated 140,000 people who have already lost their jobs since restrictions were announced last Thursday.
As more and more businesses are hit, Boyle Sports has announced the closure of all of its stores in the Republic of Ireland from this morning until at least the 29th March.
Although there has been no official guidance in relation to bookmakers, BoyleSports believes the decision to close shops is in the best interests of staff and customers, and has said it will continue to pay all staff during this closure period.
Also, every McDonalds restaurant in Ireland became takeaway-only from 5am this morning.
Bathrooms will be left open as far as possible, but all seating areas are being cordoned off - due to Government advice on social distancing.
Finance Minister Paschal Donohoe is meeting with bank chiefs today to discuss how the sector is responding to the crisis.
A major surge is expected in bad loans as many businesses go under and homeowners struggle to pay their mortgage.
It's understood the country's five main banks will discuss a plan to address the financial impact on customers, which may include a three-month freeze on mortgage payments on business loans.