Functioning of Small and Medium-Sized Business in a Pandemic
Summary
A journal article, Functioning of Small and Medium-Sized Business in a Pandemic, by Yarmolenko Vitalina, Assistant of the Department of Economics and Finance at Kherson State Agrarian and Economic University, published in issue 10 of a scientific bulletin's economics series in 2021. The abstract states that the article considers the state of small and medium-sized businesses in Ukraine and abroad during the COVID-19 pandemic and that state aid to small businesses can improve the economic situation in the regions and the country. It aims to identify direct and indirect factors of the pandemic's impact on SMEs and ways to overcome or minimize its consequences. It finds that quarantine restrictions had a negative impact on SMEs, most of all on catering, service and trading enterprises.
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“Functioning of Small and Medium-Sized Business in a Pandemic.”
Original at tnv-econom.ksauniv.ks.ua. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-functioning-of-small-and-medium-sized-business-in-a-pandemic-1896488259/
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«Таврiйський науковий вiсник. Серiя: Eкoноміка». Випуск 10, 2021
92
UDC 338.1
DOI: https://doi.org/10.32851/2708-0366/2021.10.13
Yarmolenko Vitalina
Assistant of the Department of Economics and Finance
Kherson State Agrarian and Economic University
ORCID: https://orcid.org/0000-0001-7567-0082
Ярмоленко В.В.
Херсонський державний аграрно-економічний університет
FUNCTIONING OF SMALL AND MEDIUM-SIZED BUSINESS
IN A PANDEMIC
ФУНКЦІОНУВАННЯ МАЛОГО ТА СЕРЕДНЬОГО БІЗНЕСУ
В УМОВАХ ПАНДЕМІЇ
The article considers the state of small and medium-sized businesses in Ukraine and abroad in
the pandemic COVID-19. In the context of the crisis of economic development, it is state aid to small
businesses that can lead to an improvement in the economic situation in the regions and across the
country. The main goal of our study is to identify direct and indirect factors of the COVID-19
pandemic's impact on the functioning of small and medium-sized businesses, to develop possible
ways to overcome its consequences or minimize its. It was determined that quarantine restrictions
have a negative impact on SMEs, furthermore the most negative impact was on catering, service
and trading enterprises. The experience of the world's leading countries was considered to develop
effective measures to stabilize the economic situation and overcome the negative consequences for
SMEs. It was found that most countries reduced tax payments, introduced "credit vacations" for
businesses that could not pay credit interest on the loan and the body of the loan itself, paid benefits
to companies to pay employees, and paid benefits to those who lost their jobs and self-employment.
Following the announcement of quarantine restrictions, the Government of Ukraine has also
developed and implemented a number of measures to mitigate the impact on business, including
SMEs. Ways have been proposed to overcome the current economic crisis in country, including a
50% reduction or abolition of unitied social contribution for at least 6 months while preserving all
jobs for the employer, extension of "credit and tax holidays", etc.
Key words: economy, economics, crisis, small business, medium business, credit vacation,
taxes, interest rates, pandemic, quarantine, COVID-19.
У статті розглянуто стан мікро- малого та середнього бізнесу України та зару-
біжних краї в умовах пандемії COVID-19. З’ясовано, що нині в Україні функціонує майже
1,8 мільйона малих і середніх підприємств. Визначено, що на МСБ негативно впливають
карантинні обмеження, а найбільше негативного впливу зазнали підприємства харчуван-
ня, надання послуг та торгівлі. Для розробки ефективних заходів стабілізації економічної
ситуації та подолання негативних наслідків для МСБ було розглянуто досвід провідних
країн світу. Виявлено, що більшість країн послабили податкові платежі, вводили «кре-
дитні канікули» для підприємств, які не взмозі платити відсотки за кредит та саме тіло
кредита, виплачувалися допомога підприємствам для оплати праці працівникам, а та-
кож виплачували допомогу особам, які стратили роботу та ФОП. Уряд України, після
проголошення карантинних обмежень, також розробила і впровадила низку заходів для
пом’якшення впливу на бізнес, зокрема на МСБ. Запропоновано способи подолання ниніш-
ньої економічної кризи бізнесу та економіки, в числі яких зменшення на 50% або скасування
не менше ніж на 6 місяців ЄСВ із збереженням усіх робочих місць за роботодавцем, про-
довження «кредитних і податкових канікул» тощо.
Ключові слова: економіка, криза, малий бізнес, середній бізнес, кредитні канікули, по-
датки, відсоткові ставки, пандемія, карантин, COVID-19.
В статье рассмотрено состояние микро- и среднего бизнеса Украины и зарубежных
краев в условиях пандемии COVID-19. Выяснено, что в настоящее время в Украине функ-
ционирует почти 1,8 миллиона малых и средних предприятий. Определено, что на МСБ
Економіка та управління підприємствами
93
негативно влияют карантинные ограничения, а наибольшее негативное влияние испыта-
ли предприятия питания, оказание услуг и торговли. Для разработки эффективных мер по
стабилизации экономической ситуации и преодолению негативных последствий для МСБ
был рассмотрен опыт ведущих стран мира. Выявлено, что большинство стран ослабили
налоговые платежи, вводили «кредитные каникулы» для предприятий, которые не в со-
стоянии платить проценты за кредит и само тело кредита, выплачивались пособия пред-
приятиям для оплаты труда работникам, а также выплачивали помощь лицам, которые
потеряли работу и ФЛП. Правительство Украины, после провозглашения карантинных
ограничений, также разработало и внедрило ряд мер по смягчению влияния на бизнес, в
частности на МСБ. Предложены способы преодоления нынешнего экономического кризи-
са бизнеса и экономики, в числе которых уменьшение на 50% или отмена не менее чем на 6
месяцев ЕСВ с сохранением всех рабочих мест за работодателем, продление «кредитных
и налоговых каникул» и т.д.
Ключевые слова: экономика, кризис, малый бизнес, средний бизнес, кредитные кани-
кулы, налоги, процентные ставки, пандемия, карантин, COVID-19.
Statement of the problem. Over the past few years, the state of the economy has wors-
ened in Ukraine, which has been significantly affected by the worldwide COVID-19 pan-
demic. Under such conditions, the sphere of small and medium-sized entrepreneurship is
one of the most affected categories of economic entities, of which a significant proportion of
them operate in sectors of the economy where business has not received proper state support,
as a result of which most of these enterprises went bankrupt. Based on the experience of
developed countries, the implementation of a balanced financial policy of supporting small
business entities by the state is an integral part of modern financial policy in the state sphere.
In the context of the crisis of economic development, state aid to small businesses can lead to
an improvement in the economic situation in the regions and throughout the country. Today,
it is in small and medium business that the state hopes for rapid positive structural changes in
the economy, overcoming the economic crisis and creating conditions for economic growth.
Analysis of recent research and publications. Research into the direct impact of the
COVID-19 pandemic, including the development of measures to reduce its impact, began
to be carried out by economists and individual research organizations on processes in the
economy since the first lockdown was announced in China. Questions of the impact of the
pandemic COVID-19 on economic processes, especially at small and medium enterprises,
were handled by foreign scientists such as Richard Baldwin and Beatrice Veder [1], Joseph
Amankwa-Amoa, Zahir Khan, Jeffrey Wood [2]. Currently, there is no comprehensive view
of the problem in the Ukrainian economy, but active research by such scientists as Vorfolo-
meev A. [3], Denkov D., Karakuts A., Shchedrin Yu. [4], Sveshnikov S., Bocharnikov V.,
Polyakova O.V. [5] and others. However, given the dynamic development of the situation
and the wave nature of the pandemic, studies of the impact of quarantine measures on the
economy, especially on small and medium-sized businesses, are not complete enough.
Formulation of the goals of the article. The main purpose of the research is to identify
direct and indirect factors of the impact of the pandemic COVID-19 on the functioning of
small and medium-sized businesses, to develop possible ways to overcome or minimize its
consequences.
Presentation of the main material of the study. Small and medium business (SME) is
the foundation for the entire economy of the state. It is the SME sector that is the main in
providing employment, it accounts for about 79% of the total number of jobs in Ukraine,
and it also forms the basis of the social and labor sphere. This confirms the practical domes-
tic and foreign experience. The quarantine caused by the pandemic COVID-19, includ-
ing in Ukraine, has paralyzed the functioning or even led to the closure of medium, small
and micro enterprises. Today, almost 1.8 million small and medium enterprises operate in
Ukraine (16.5 thousand medium, 339 thousand small, 1.48 million individual entrepreneurs
and only 446 large enterprises). As legal entities, only 19.8% of SMEs function, the rest of
enterprises conduct their economic activities as individual entrepreneurs [6].
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The introduction of quarantine has had a negative impact on the functioning of SMEs.
The restrictions introduced led to:
– some sectors were not able to fully conduct their economic activities due to prohibition
or restrictions in the conduct of activities;
– a decrease in income, due to the increase in unemployment, led to a decrease in the sol-
vency of the population, and this, in turn, decreased the demand for the products of enterprises;
– a significant part of SME subjects did not withstand severe restrictions and were forced
to stop their activities;
– some small and medium enterprises do not have the necessary financial resources to
quickly and effectively overcome the negative effects of the pandemic COVID-19;
– the trend of the shadow employment sector has increased and hidden unemployment
has increased;
– the established chains of added value were destroyed, as a result, the negative impact
on the economy of the country as a whole increased.
More negative impact from the pandemic were those small and medium enterprises
that operate in the field of food, services and trade. Companies working in the field of real
estate, consulting, legal services, etc. According to the Union of Ukrainian Entrepreneurs of
Ukraine [7] in March 2020, about 6% of small business owners lost their business, which
was a big problem for the state economy. About 1/3 of micro-businesses (less often small
enterprises) received revenues for March-April 2020 less by 90-100%. As a result, they
had to cut states and therefore 50% of workers were laid off. SME owners did not receive
25-50% revenues, comparing with the same pre-quarantine period and reduced the staff by
10- 25%. Compared with the losses of large enterprises, which accounted for 10-25% of rev-
enues and the reduction of the state to 20%, the consequences for small and medium-sized
businesses are more devastating. Schematically, the impact of quarantine measures on the
work of SMEs is shown in Figure 1.
Thus, we see that the largest monetary losses were suffered by micro and SMEs, com-
pared to large, however, the reduction of staff states at large enterprises occurred on a par
with smaller enterprises.
To develop effective measures that will help overcome the negative consequences of the
pandemic, it is necessary to analyze the experience of leading foreign countries, as well as
explore ways of government support for SMEs of European countries and the United States.
The German government to support business entities and citizens during the pandemic
has developed and adopted a number of social packages worth more than 750 billion euros.
For the effective functioning of small businesses in limited conditions and citizens decided
to allocate 156 billion euros, which will reduce tax revenues by 33.5 billion euros through
Large enterprises
Medium enterprises
Abbreviated state, %
Small enterprises Losses, %
Micro enterprise
0 20 40 60 80 100
Figure 1. Impact of quarantine measures on SMEs and large enterprises
Source: compiled by the author according to the data [7]
Економіка та управління підприємствами
95
the introduction of tax holidays. The German Bundestag also decided to allocate 50 billion
euros to support individual entrepreneurs and small businesses. Thus, as of April 2020, about
700 thousand enterprises have applied for monetary compensation, and currently 3 million
employees receive earnings under this scheme. In Germany, in order to stabilize the econ-
omy during the pandemic, it was decided to create a fund of 600 billion.
The government of Finland has allocated 100 thousand euros to retail representatives
to maintain their operation under the conditions of restriction. All entrepreneurs, including
freelancers, were given the right to receive unemployment benefits for three months. Pen-
sion deductions were postponed for the same period. Enterprises, especially representatives
of small and medium-sized businesses, are able to pay tax deductions at a later date without
charging a penny. Financing of these measures is carried out by issuing new loans, the obli-
gation for which takes over the government of the country.
In France, 8.5 billion euros were allocated for the effective operation of companies that
had to temporarily remove their employees from work due to quarantine restrictions to pay
these workers wages at the expense of these funds. Also, the French government pledged to
ensure the preservation of jobs for workers after the end of the crisis. Such a system allows
to reduce payments to workers up to 70%, but only if the salary exceeds the minimum
4.5 times. At the same time, the government of the country assumes the responsibility to
fully compensate for the costs of economic entities to pay employees.
The UK is loosening at the legislative level regarding the recognition of the enterprise as
bankrupt so that businesses that are on the verge of closing can continue to function. Also in
England, for the period of quarantine restrictions, there was a triple reduction in the discount
rate, namely to 0.25%.
In Poland, a number of state financial support measures are held for small and medi-
um-sized businesses under quarantine restrictions. With the onset of quarantine restrictions,
the government adopted a number of legislative initiatives to reduce the negative impact on
SMEs, the so-called "Anti-Crisis Shields," which are constantly updated and supplemented
by external and internal factors. These measures are aimed at strengthening the financial
security of citizens and enterprises, maintaining the level of employment of the popula-
tion. According to the adopted legislative acts, the costs associated with the economic crisis
caused by the pandemic will be evenly redistributed between all economic entities, labor
resources, the financial system and the state. The approximate total cost of this package is
about 10% of Poland's GDP.
In the United States, the government has allocated $2 trillion for additional payments
to its citizens and businesses, to effectively overcome the negative economic conse-
quences for business development. These additional funds went to one-time payments
of $1.200 for all individuals whose annual income is up to $75.000. If the income of
citizens in the amount of 75.000 to 99.000 dollars a year, the one-time payment will be
less. Another $377 billion of the allocated funds went to support small businesses, as well
as citizens for 4 months held weekly unemployment payments of $600. The government
introduced stricter conditions that apply to the $500 billion Corporate Welfare Fund to
ensure the proper level of employment, remuneration, benefits to workers. Creditors in the
United States are allowed to give mortgage borrowers who have suffered from quarantine
restrictions, to provide preferential holidays.
Thus, the measures used by the EU, England and the USA to help small and medium busi-
nesses during the coronavirus economic crisis can be grouped into three categories (Figure 2).
In Table 1, we summarize the number (as a fraction of GDP) of state support indicators
by some countries.
In addition to new spending measures, some governments have delayed or canceled
some previously planned spending, such as some investment. This is partly due to the need
to provide more fiscal resources to combat the pandemic and its economic consequences,
«Таврiйський науковий вiсник. Серiя: Eкoноміка». Випуск 10, 2021
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Figure 2. Discretionary fiscal measures for the coronavirus crisis
Source: grouped by author according to data [8]
and partly due to interruptions in supply. This cost reduction is a negative fiscal impulse.
Because of the lack of data, we cannot quantify these reduced costs.
The size of the relief package for the countries of Central and Eastern Europe, the Bal-
kans and the Caucasus in response to the pandemic COVID-19 in persents of GDP is pre-
sented in Figure 3.
Measures implemented by the Government of Ukraine to overcome the negative conse-
quences of the crisis caused by the pandemic are aimed at supporting business, and especially
small and medium. In 2020, the authorities introduced a number of measures to respond to
the crisis, the sum of which was about 3% of the country's GDP. The following measures
Table 1
Discretionary fiscal measures for 2020 aimed at overcoming
the crisis consequences COVSD-19
Events
Immediate fiscal Other liquidity/
Postponement, %
momentum, % guarantee, %
Country
Belgium 1.4 4.8 21.9
France 5.1 8.7 14.2
Germany 8.3 7.3 24.3
Greece 3.1 1.2 2.1
Italy 3.4 13.2 32.1
Netherlands 3.7 7.9 3.4
Portugal 2.5 11.1 5.5
Spain 4.3 0.4 12.2
England 8.3 2.0 15.4
USA 9.1 2.6 2.6
Source: grouped by author according to data [8]
Економіка та управління підприємствами
97
20
15
10
5
0
Figure 3. Relief package in response to COVID-19 pandemic, % of GDP
Source: grouped by author according to data [9]
were introduced in Ukraine: tax benefits; extended programs of subsidized loans; effective
and affordable credit guarantee schemes; social support programs.
December 2020, the parliament adopted a number of measures to support business, mainly
micro (FOP), small and medium, during the second wave of quarantine restrictions. They
included one-time cash assistance in the amount of UAH 8.000 (US $280) to employees and
individual entrepreneurs who lost their income as a result of quarantine, as well as some entrepre-
neurs were exempted from paying income tax and social insurance tax from December 2020 to
May 2021 and tax debts in the amount not higher than UAH 3060 were written off. Until 2021,
there was a program of subsidized loans. In addition, the government approved $180 million
in government guarantees for lending to the banking business. Figure 4 depicts the key current
initiatives of the Government of Ukraine to maintain a stable economic situation in the country,
replenishment of the state budget and assistance to SMEs and individuals to entrepreneurs.
The Government of Ukraine has approved an economic stimulus program to effectively
overcome the consequences of the COVID-19 epidemic, which includes proposals to sup-
Green sector
Ukraine plans to create SME and FOP support
Well managed sector a national greenhouse sector Digital sector
The creation in March gas emissions trading Increased Expansion of public
2021 of the Bureau of system (GHG) and unemployment funds services in the "Diya"
Economic Security, introduce carbon taxes and pension funds to app, nationwide
which will oversee in 2025. It is expected support the most introduction of high-
economic crimes in the that in 2021, the vulnerable citizens, speed Internet for
law enforcement country will introduce a funds for payments to effective on-line
system, will promote system for monitoring, the most affected by business, breaking
business development reporting and the pandemic crowdfunding
inspecting GHG enterprises
emissions
Figure 4. Priority directions of state initiatives of Ukraine
on economic development under the influence of coronavirus restrictions
Source: grouped by author according to data [9; 10; 11; 12]
«Таврiйський науковий вiсник. Серiя: Eкoноміка». Випуск 10, 2021
98
port specifically small and medium-sized businesses. In March 2020, the NBU offered banks
to introduce a special period of lending deferral for the quarantine period for private entre-
preneurs and SMEs – "credit vacation." The NBU has also created a favorable environment
for maintaining monetary (reducing the key rate, refinancing) and regulatory transactions
(deferring new capital requirements, stress tests and control, banking reporting requirements
and other mitigations).
Ukraine has used such global approaches to stabilize the economy and support SMEs in
times of quarantine restrictions (Figure 5).
Thus, in times of crisis, it is important to create a flexible system of taxation and admin-
istration of tax payments not only to overcome the current economic crisis of business and
economy, but also to take measures to mitigate its negative socio-economic consequences,
which will allow to quickly and effectively respond to such situations in the future. These
can be advantages for individual regions, sectors and activities that have strategic and differ-
ent meanings for the region or the state as a whole. It is important to remember the fairness
of taxation. "The fairness of taxation should be based on a harmonious combination of the
financial interests of the state, society and taxpayers" [14; 15; 16]. We believe that the most
effective for Ukraine is the introduction of the following measures:
– prolongation of the period of cancellation of strict conditions for payment of taxes for
a certain period;
– postponement of payment of taxes and other tax payments in case of failure to pay on
time, especially during the period of quarantine restrictions;
– reduction by 50% or cancellation by at least 6 months of the unified social tax with the
preservation of all employer jobs;
– reduction or cancellation of corporate profit tax for at least 6 months with full resto-
ration of activities;
1. Tax weakening and 2. Increase in income limits
preferences for entrepreneurs
3. Extension of the deadline
4. Moratorium on tax audits
for submission of the annual
and measures of state control
declaration
5. Aid for partial
6. Support of agrarians
unemployment
8. Remote registration of
7. State program of available
some certificates and permits
loans 5-7-9%
from state authorities
Figure 5. State measures to support SME s
and entrepreneurs during the pandemic COVID-19
Source: grouped by author according to data [13]
Економіка та управління підприємствами
99
– additional tax benefits that will quickly restore and accelerate the pace of economic
development.
Conclusions. Consequently, support for small and medium-sized businesses and
the economy as a whole should play an important role among the main relief mea-
sures during the economic crisis caused by the COVID-19 pandemic. Immediate in
this regard is the immediate creation of the "Business Support Program". For large and
medium enterprises, it is advisable to provide an unlimited amount of credit funds avail-
able under various credit schemes and reduced rates; freezing payments on previously
received loans and loans; deferral of payments to taxpayers from the profit of enter-
prises. For small entrepreneurs it is necessary to recommend: transfer of the date of
payment of taxes and other tax fees in case of impossibility of such payment, especially
for the period of quarantine; reduction or cancellation of at least 6 months of personal
income tax and Unified Social Contribution with the preservation of all employer jobs;
reduction or cancellation of corporate profit tax for at least 6 months with full resto-
ration of activities; granting preferential loans under the "Small Business Support and
Self-Employment Program"; referral of relevant funds to provide one-time subsidies,
the return of which is not provided; maintenance of working capital to cover three quar-
antine costs; additional tax incentives that allow you to quickly recover and increase the
pace of development of small businesses.
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