implications for the severity of the COVID-19 recession, the design of policies, and the speed of the recovery …

This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies … enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs … scenario, most business failures would not arise from excessively generous 2020 policies, but rather from the contraction of …