Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021
We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm …-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage … points, representing 4.6 percent of private sector employment. Resulting non-performing loans are modest, decreasing the risk …