We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in … aggregate supply, productivity, and demand shocks. We estimate a large increase in the failure rate of SMEs under COVID-19 of …, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business …

enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs …

. We find: (a) Absent government support, the failure rate of SMEs would have increased by 9 percentage points …