The stimulus scheme would see Peel street parking meters switched off, a temporary end to various fees for business, and a moratorium on council debt recovery.

Council will also "limit enforcement action to matters that are only of an imminent public or environmental safety risk" according to the draft plan.

But the plan, released on Monday, does not include a cut to headline rates.

Mayor Col Murray spoke about the stimulus plan at a press conference on Monday morning.

"We're proposing to hold an extraordinary general meeting, either later this week or very early next week to discuss some initiatives following strong representations from members of the community and members of the business community as to what council's able to do as far as how we can provide some kind of financial relief," he said.

"That work is being put together as we speak."

Mr Murray discussed the plan with the Tamworth Business Chamber last Friday in a meeting with other local leaders.

In a press conference on Monday, Chamber president Jye Segboer said he's working with council to develop some kind of rate relief.

"We've certainly begun conversations with TRC in that regard and we're representing the business community in that regard," he said.

"We'll leave those final discussions and the outcome of that to Tamworth Regional Council."

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Councillor Mark Rodda said it's the number one question he's asked by average residents of Tamworth but councils are relatively cash-strapped.

"I think when you think about the amount of revenue that is gleaned by local government compared to the other two tiers of government we are the lowest and we have to struggle the most to get funding to do projects throughout the local government area."

He said the scheme would help "provide a balance", giving some assistance but leaving the heavy lifting to the Commonwealth and state governments.

"This is a start. I'd like to think there's more we can do," he said.

"While it doesn't help everyone they're trying to keep businesses and ultimately jobs viable in these bad times."

The date of the extraordinary meeting has yet to be set. The draft package may change, with new measures added or subtracted in advance of a final scheme.

The meeting will likely be closed to the public for reasons of social distancing, but it will be broadcast online.