Study on the Effects of Financial Support Schemes on the Performance of SMEs during COVID-19: A Comparative Analysis

This report analyzes the financial support schemes implemented by APEC economies during the COVID-19 pandemic and their effects on the performance of small and medium enterprises. The study examines the design and implementation of emergency measures—including job retention schemes, deferral measures, financial instruments, and structural policies—aimed at mitigating the economic impact of the crisis. Using firm-level surveys, interviews with policymakers, and cross-economy analysis, the findings indicate that public support programs played a critical role in sustaining business operations, preserving employment, and easing liquidity constraints during the pandemic. The study also acknowledges that economies faced a range of common challenges in responding to an unprecedented shock, reflecting differences in institutional capacity, information availability, and implementation contexts. Based on these experiences, the report highlights key lessons learned and provides policy recommendations to strengthen crisis preparedness and enhance SME resilience in the face of future economic shocks.