“…SMEs represent over 90% of all firms worldwide, making them the backbone of the world economy in both the formal and the informal business sectors ( Tannenbaum et al., 2020 ). Despite their important role, SMEs are the most threatened by the COVID-19 crisis given their relatively vulnerable financial position ( Doshi et al., 2018 ; Ghosal and Ye, 2015 ; Herbane, 2010 ), which has triggered the initiation of an unprecedented range of government programs, including financial assistance, wage subsidies, and payment deferrals ( OECD, 2020 ). Indeed, an unprecedented joint statement by the G20 countries on March 26, 2020, called for “decisive and collective action,” to provide assistance for “people and workers” as well as “businesses, particularly SMEs” ( Gurria, 2020 ).…”