Big and small business will be paid federal government wage subsidies to keep hundreds of thousands of workers on the payroll during the coronavirus crisis, via a "hibernation" package Prime Minister Scott Morrison says will be "bigger than anything you've so far seen".

As part of the "Team Australia" debt relief for firms hobbled by the virus, banks are expanding six-month repayment deferrals to 30,000 extra small and medium enterprises (SMEs) for loans up to $10 million.