Bank of England boss Andrew Bailey says not to fire people, but merely look at the support available for them first.
Many firms may have to cut staff amid a slump in demand caused by the virus.
Airlines, retailers, restaurants, theaters and pubs have all said they have been pushed to the brink as people are limiting all but essential social contact.
Chancellor Rishi Sunak replied with a £350 billion stimulus package, including £330 billion of business loan guarantees.
He also promised a business rates holiday and grants for retailers and pubs – although there are concerns the measures do not go far enough.
