Inevitably, the uncertain economic time will have some casualties said NSW Business' Riverina and Murray regional manager Andrew Cottrill.

"I don't think there's any doubt there will be [job losses and closures], not every business has a healthy balance sheet," he said.

"But we know banks are asking customers and business owners to come and talk to them about extending lines of credit or supporting or waiving loan payments to try and get them through this.

"Everyone wants businesses to get through this, we want jobs to remain in our region but it is inevitable some businesses will suffer."

On Tuesday, the NSW government announced a $2.3 billion stimulus plan designed to work alongside the federal government's package to support businesses during the global pandemic.

The stimulus included $700 million to invest in healthcare and $1.1 billion in economic stimulus designed to keep businesses open and people in jobs throughout the crisis.

The package will see payroll tax liability waived for businesses with payrolls of up to $10 million and cuts to the payroll tax threshold that were slated to come into affect in 2021, brought forward.

Australian Industry Group Albury Wodonga's Tim Farrah said anything that could help businesses stay afloat during this extremely difficult time was welcome.

"In terms of actual dollars and cents it probably won't be massive over the next six to eight month period but it'll just be another brick that will help that business save a bit more cash to be able to survive," he said.

"For a lot of businesses things will be so marginal that any bit of financial help could be the difference between being able to hang on and survive or perhaps having to shut."

The package also included $80 million to cover the cost of fees and charges being waived for small businesses.

Mr Cottrill said the announcement was a huge boost to businesses who needed the support of customers as well as the government at this time.

He said on average the administrative cost of paying the payroll tax was $9000 on top of the cost of the tax itself.

Mr Cottrill said changes to the payroll tax threshold would allow small businesses to more easily expand.

"I don't think the payroll tax is a very business friendly tax," he said. "The more people you employ the more tax you pay. It's particularly painful for small businesses who perhaps have 14 employees and want to put the next one on to grow their business but then have to start to pay payroll tax."

As part of the package the NSW government also announced a $750 million would be spent on capital works including a $46 million equity injection for the forestry corporation to allow immediate replanting and rebuilding after being decimated by bushfires.