The summit will be held in partnership with the Victorian government, the Department of Health and Human Services, the federal government, Victoria’s Chief Health Officer and the Victorian Chamber of Commerce and Industry.
Deputy lord mayor Arron Wood said cash flow would be a pressing issue for small businesses in the near future.
“This is the first package of support and we will be doing more over the coming weeks to assist our local business community,” he said.
Lord mayor Sally Capp said businesses would be affected by the state-wide emergency measures announced on Monday, including social distancing.
“The economic impacts from this virus will be significant and we’re encouraging everybody to support local businesses wherever they can,” she said.
Cr Capp said the council would work with Queen Victoria Market’s management to provide support to traders, including recommending rent reductions.
“Queen Victoria Market is the lifeblood of our city and we’re doing everything we can to support traders affected by the downturn,” she said.
“We’re doing everything we can to help businesses stay open and keep Melburnians in jobs.”