Tetiana Anatoliivna Gogol and Vadym Kolotok, The Impact of COVID-19 Expansion on the Economy of Countries and Activities of Small Business Enterprises (2021)
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An article by Tetyana Gogol and Vadym Kolotok of Ukraine in the Green, Blue & Digital Economy Journal, Vol. 2 No. 1, 2021, pages 31 to 38, DOI 10.30525/2661-5169/2021-1-5, on how quarantine restrictions affected small business. The authors find that more than 70% of small business entities in Ukraine and the European Union suffered significant losses, that Ukrainian and European small firms faced identical problems of weakened financial security and vulnerability, and that Ukrainian small agricultural enterprises fared worst because closed food markets left them nowhere to sell. They review the Ukrainian and European regulatory responses and propose a public procurement quota for small business, keeping markets open under sanitary rules, reimbursing protective equipment, extra state subventions to local budgets and compensation for rent.
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“Tetiana Anatoliivna Gogol and Vadym Kolotok, The Impact of COVID-19 Expansion on the Economy of Countries and Activities of Small Business Enterprises (2021).”
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Green, Blue & Digital Economy Journal
Vol. 2 No. 1, 2021
DOI: https://doi.org/10.30525/2661-5169/2021-1-5
THE IMPACT OF COVID-19 EXPANSION
ON THE ECONOMY OF COUNTRIES AND ACTIVITIES
OF SMALL BUSINESS ENTERPRISES
Tetyana Gogol1, Vadym Kolotok2
Abstract. The purpose of this research is to study the functioning of small business during the period of
implementation of quarantine restrictions. It was found out that more than 70% of small business entities in Ukraine
and the European Union have suffered significant losses due to the measures taken. The article has identified the
key issues faced by small business during the quarantine period to reduce the spread of coronavirus pandemic
(COVID-19). A comparison of the problems of Ukrainian and European small business has shown that they are identical.
The main ones relate to reducing the financial security of small business entities and increasing their vulnerability
to unpredictable situations. The authors of the research have focused on the fact that Ukrainian small agricultural
enterprises experienced more negative effects in comparison with others, as the closure of food markets deprived
them of the opportunity to sell their own products. The authors have also highlighted the problems that arise in the
process of transition of small business to remote work. This issue can be addressed through appropriate employee
training. In order to prevent the loss of ties with contractors, the authors of the research have suggested that the
management staff of small business entities could develop a plan to restore ties with suppliers and customers to
gradually normalize the work in pre-crisis volumes. The current Ukrainian and European regulatory framework adopted
in order to overcome the negative impact of the imposed quarantine restrictions on the activities of enterprises has
been analyzed. The results of the study showed the need to improve Ukrainian legislation on this issue taking into
account the experience of European countries. It was found out that different countries have applied customs, credit,
social, tax, information and other types of mitigation measures in order to overcome the negative effects and to
support small business affected by the spread of coronavirus disease (COVID-19). In order to improve the economic
situation of small business entities, the authors of the research have considered the following measures for the
quarantine period and after the restrictions expire: to provide a quota for public procurement for small business; not
to prohibit the functioning of markets provided that they comply with anti-epidemic sanitary norms; reimbursement
of expenses incurred for the purchase of anti-epidemic means of protection; introduce additional subventions from
the state to local budgets; compensation for the cost of renting premises, etc.
Key words: small business, pandemic, quarantine restrictions, financial support, economic problems.
JEL Classification: A10
1. Introduction humanity to seek new approaches in order to
The spread of coronavirus has become meet challenges of the planet.
a new challenge for humanity in the 21st century. Due to the introduced quarantine measures
In one year, the life of every person has changed we can observe negative systemic phenomena
dramatically. This pandemic has shown the in the economies of different countries, such
inability of the world community to respond as violation of cross-border cooperation, falling
quickly and efficiently to global threats, forcing world financial markets, record collapse of
Corresponding author:
1
Chernihiv Polytechnic National University, Ukraine.
E-mail: tatyanagogoll@gmail.com
ORCID: https://orcid.org/0000-0002-0885-6271
ResearcherID: F-6030-2016
2
Chernihiv Polytechnic National University, Ukraine.
E-mail: kolotokvo@ukr.net
ORCID: https://orcid.org/0000-0002-1577-4944
ResearcherID: V-3184-2018
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Green, Blue & Digital Economy Journal
Vol. 2 No. 1, 2021
oil prices, devaluation of national currencies, biznes…», 2020). Similar situation is observed in
rising unemployment rate, closure of cultural the European Union.
institutions etc. But for the pharmaceuticals, McKinsey survey conducted in August
enterprises in all sectors of the economy suffer 2020 among more than 2,200 small and medium-
significant losses. While facing the outflow sized enterprises in five European countries,
of migrant workers the business of European namely France, Germany, Italy, Spain and the
countries needs to replace their work. United Kingdom, showed the negative impact
Small business has suffered the most during the of COVID-19 on their economies. About 70%
lockdown. Trade and catering services as well as of respondents said their incomes had declined
accommodation and travel agencies have been as a result of the pandemic, having other serious
severely restricted. All this affects the activities consequences as well. The survey showed that
of small business enterprises negatively, creating Italian and Spanish small and medium-sized
a number of additional problems, and inhibits the enterprises suffered the most (Figure 1) (Dimson,
prospects for their further development. Therefore, Mladenov, Sharma, Tadjeddine, 2020).
they need to implement effective measures to In other words, due to the spread of coronavirus
support them by state and local authorities. small business enterprises in Ukraine and the
Having analyzed various scientific EU have experienced new problems that need an
publications on the impact of coronavirus on urgent solution. Now we are going to define these
small business activities, in particular such problems.
scientists as Shatalova L. M., Storozhuk T. M., For small business entities that were forced to
Marynenko N. Yu., Kasperovych Yu. and others, suspend their activities due to quarantine, the
regarding the importance and necessity of probability of non-repayment of accounts payable
economic growth of enterprises during the increased, as the inflow of financial resources
coronavirus, we have concluded that this issue needed to cover fixed and variable costs (rent,
requires further analysis and research. wages, communications, internet, etc.) decreased
The purpose of the research is to study the many times. Business entities that continued their
functioning of small business during the period of operation during the imposed restrictions were
implementation of quarantine restrictions. forced to find additional sources of funding for
The objectives of the research are as follows: the purchase of anti-epidemic means of protection
– to analyze the problems of small business during (antiseptics, personal protective equipment, non-
the coronavirus pandemic; contact thermometers, etc.). Management of small
– to analyze the implemented measures in order and micro business, in order to prevent the onset
to support small business during the quarantine of insolvency crisis or bankruptcy of the enterprise,
period; began to actively search for the ways to optimize
– make proposals to improve the state support for costs, in particular, laying off the employees.
small business in Ukraine during the pandemic. Small farms were particularly affected by
restrictions as a result of the closure of food
2. Analysis of the problems of small business markets, which had no alternative outlets (such
during the coronavirus pandemic as large supermarkets) and deprived them of the
The coronavirus pandemic has forced Ukrainian opportunity to sell their own products. In modern
government to introduce quarantine measures. Ukrainian realities the need for the functioning
Imposed restrictions deprived small business of markets should be taken into account by the
enterprises of the opportunity to operate normally government when imposing restrictions.
or even led to the termination of their activities. Restrictive measures for small business entities
According to an express survey conducted by have posed a potential threat of loss to previously
European Business Association among the cooperating consumers and suppliers. Once the
representatives of small and micro business quarantine measures are completed, it will be
participants in the Unlimit Ukraine project, 18% more difficult to restore the normal functioning of
of respondents are considering closing their own small business. The management of small business
business, 78% of respondents report losses of up enterprises needs to develop a plan to re-establish
to 75% of their revenues and only 4% of them can their ties with counterparties in order to gradually
boast of increased profits («Kozhen piatyi malyi normalize the work in pre-crisis volumes.
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Green, Blue & Digital Economy Journal
Vol. 2 No. 1, 2021
Figure 1. The impact of coronavirus crisis on small business income
Source: (Dimson, Mladenov, Sharma, Tadjeddine, 2020)
Transition to remote work does not allow small vnesennia zmin…», 2020). The Code stipulates
business to shut down during the pandemic, but that employees are paid by the employer for their
the interaction between employees may deteriorate work to the same extent as it was specified in the
due to a number of factors: employment contract, unless they have agreed to
– lack of knowledge and skills of employees other conditions in writing.
for the effective use of information technology; According to the Labour Code at the time of
– lack of reliable Internet coverage at the place of threat of epidemic, pandemic and/or military,
remote work; man-made, natural or other nature, the condition
– inability to install software required by the of remote (home) work and flexible working
employee to perform the assigned functions hours may be established in the order (disposal)
properly. of the owner or authorized body without the
obligatory conclusion of an employment contract
3. Analysis of developed and implemented for remote (home) work in writing. At remote
measures to support small business during (home) work, employees distribute working
the coronavirus pandemic time at their discretion, thus they are not subject
One of the problems arising at the beginning of to the rules of internal labour regulations, unless
the quarantine was lack of regulations for remote otherwise provided in the employment contract.
work. Due to the need for legislative regulation In this case, the total working time may not exceed
of issues related to remote (home) work (wages, the established norms («Kodeks zakoniv pro
distribution of working time, etc.) the provisions pratsiu Ukrainy», 1971).
of the Labour Code were changed («Kodeks EU bodies and institutions have approved
zakoniv pro pratsiu Ukrainy», 1971), by adopting a number of regulations aimed at improving
the Law of Ukraine “On Amendments to Certain the situation of small business entities during
Legislative Acts of Ukraine Aimed at Providing quarantine restrictions and their resumption. We
Additional Social and Economic Guarantees are going to consider some of them (Table 1).
in Connection with the Spread of Coronavirus Comparing Ukrainian («Pro vnesennia zmin
Disease (COVID-19)” of 30.03.2020 («Pro do…», 2020; «Podatkovyi kodeks Ukrainy»,
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Table 1
EU Regulations to resolve issues related to the spread of the coronavirus pandemic
Name of regulation Review
EU Commission Decision 2020/491 of April 03, 2020 on the The decision exempts the goods needed to
Customs legislation
exemptions of import duties and VAT on goods needed to combat the combat the effects of the epidemic COVID-19
effects of the COVID-19 epidemic in 2020. from customs duties and VAT.
Commission’s Notification on the implementation of preferential The Notification instructs the Member
passages in the context of guidelines on border management measures States to take measures in order to ensure the
to protect health and ensure the availability of basic goods and uninterrupted transport of goods throughout
services. the trans-European transport network.
Maritime economy and fisheries
Regulation (EU) 2020/560 of the European Parliament and Council
of April 23, 2020 on amending the Regulations (EU) No 508/2014
and (EU) No 1379/2013 as for specific measures to mitigate the
effects of COVID-19 epidemic on the fisheries and aquaculture sector. Regulated measures carried out by the EU to
mitigate the effects of COVID-19 epidemic on
Commission Implementing Regulation (EU) 2020/1027 of July
the fisheries and aquaculture sector.
14, 2020 amending Implementing Regulation (EU) No 771/2014,
(EU) No 1242/2014 and (EU) No 1243/2014 regarding the
implementation and monitoring of specific measures mitigation of
COVID-19 pandemic in the fisheries and aquaculture sector.
Commission’s Notification: Guidance to Member States on
Foreign trade
Commission Implementing Regulation (EU) 2020/402, providing Introduction of an export license for anti-
the export of certain products subject to the issue of an export epidemic goods (personal protective
license, as amended by Commission Implementing Regulation (EU) equipment).
2020/426 2020/C 91 I/02.
Measures for the state support for enterprises
in the following form: direct grants; advance
Temporary framework for the Commission’s notification of state
payments or tax benefits; loan guarantees;
aid measures to support the economy in the context of the ongoing
subsidized interest rates on loans; guarantees
Entrepreneurship
outbreak of COVID-19 2020/C 91 I/01 {with amendments and
and loans provided through credit institutions
additions}
or other financial institutions. Short-term
export credit insurance is also provided.
A new EU pharmaceutical strategy is expected
to be presented in response to the spread of
Communication of the Commission
coronavirus disease, focused on the availability,
New industrial strategy for Europe
affordability, sustainability and security of
supply of medicines.
Regulation (EU) 2020/872 of the European Parliament and
Council of June 24, 2020 amending the Regulation (EU) No Support is provided for farmers and SMEs,
1305/2013 regarding specific actions for the provision of exceptional especially those affected by the crisis
temporary support under the European Agricultural Fund for Rural of COVID-19.
Development (EAFRD) in response to the COVID-19 epidemic.
Commission Implementing Regulation (EU) 2020/600 of April 30,
Agriculture
2020 derogating from Implementing Regulation (EU) 2017/892,
Implementing Regulation (EU) 2016/1150, Implementing Regu- Support for producers of fruits and vegetables,
lation (EU) No 615/2014, Implementing Regulation (EU) 2015/1368 grapes, olive oil and table olives, beekeeping.
and Implementing Regulation (EU) 2017/39 in respect of certain
measures to counter the crisis caused by the COVID-19 pandemic.
Commission Implementing Regulation (EU) 2020/601 of April 30,
This regulation continues: the validity of
2020 on emergency measures derogating from Articles 62 and 66 of
permits for planting and transplanting of plants
Regulation (EU) No 1308/2013 of the European Parliament and of
ending in 2020; eradication period in case of
the Council on the validity of permits for the planting of grapes and
early transplantation of vineyards.
grubbing-up in the event of early transplantation.
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(End of Table 1)
Name of regulation Review
Commission Implementing Regulation (EU) 2020/531 of April
16, 2020, setting a derogation from Article 75 section 1, third
Establishing the level of advance payments and
paragraph of Regulation (EU) No 1306/2013 of the European
Agriculture
payments by Member States identified certain
Parliament and Council regarding the level of advances for direct
types of support: Annex I to Regulation (EU) No
payments and area-related measures, as well as measures related
1307/2013; Article 67 section 2 of Regulation
to animals in the framework of rural development and derogation
(EU) No 1306/2013.
from Article 75 section 1. The first paragraph of Article 2 of this
provision in respect of direct payments.
Source: formed by the authors on the basis of («COVID-19»).
2010; «Pro vnesennia zmin do Zakonu Ukrainy support small and medium-sized private and
"Pro Derzhavnyi biudzhet Ukrainy na public enterprises in the field of culture and
2020 rik"; «Pro zatverdzhennia Poriadku creativity in Bulgaria («Jobs and economy during
nadannia ta povernennia koshtiv», 2020; «Pro the coronavirus pandemic»).
zatverdzhennia Poriadku nadannia finansovoi In October, a group from the European
derzhavnoi», 2020; «Pro sotsialnu pidtrymku Investment Bank agreed to provide € 490 million
zastrakhovanykh osib», 2020) and European to Italian leasing specialist Alba Leasing as part
regulations on mitigating the impact of quarantine of a securitization financing operation, providing
measures on business, we see the need to improve access to new financial resources of € 1 billion for
Ukrainian legal framework in order to support small, medium and medium-sized companies in
small business in this period, especially agricultural Italy. Also on October 20, 2020 the EIB Group
producers, one of the key suppliers of food for the and BancoSantander in Spain agreed on additional
population. financing on favourable terms for Spanish small,
Another problem for small business was the lack medium and medium-sized enterprises affected by
of effective public financial support during the the coronavirus crisis («Jobs and economy during
pandemic. Some steps to mitigate the impact of the coronavirus pandemic»).
quarantine restrictions have been proposed by the EU member states have also implemented their
state, including reducing the tax burden on small own mechanisms to support small businesses.
business entities. All these anti-crisis measures We shall consider some of them. Poland has
implemented by Ukrainian government can be introduced co-financing of fixed costs for small and
divided into the following types (Table 2). medium-sized enterprises (SMEs). Subsidies were
Organizations and institutions of the European provided to companies under the financial shield
Union also take measures to support small of the Polish Development Fund in the amount of
business entities in their member states. Thus, up to 70% of fixed costs, not covered by income.
on April 06, 2020, the European Commission The condition will be a reduction in revenues by
opened access to financing of € 1 billion from 30% compared to the same period in 2019. The
the European Fund for Strategic Investments to solution will apply to industries that are subject to
provide guarantees to the European Investment sanitary restrictions («Kolejny pakiet 10 działań
Fund to stimulate local banks and other creditors antykryzysowych dla polskich firm»).
to provide liquidity to at least 100,000 European In Germany, the government has simplified
small and medium enterprises («Jobs and the possibility of obtaining loans from guarantee
economy during the coronavirus pandemic»). banks for small business affected by coronavirus.
On September 30, 2020 the EIB Group, Small business entities can also receive a subsidy
consisting of the European Investment Fund in the event of a decrease in sales related to the
and the European Investment Bank, agreed with pandemic («Informationen für kleine, mittlere
the Commerzbank on a new favourable lending und große Unternehmen Einleitung»). France has
scheme, providing German SMEs with up to € introduced deferred payment of rent, water,
500 million. On October 06, 2020 the European gas and electricity bills for the smallest small
Investment Fund and Raiffeisenbank signed business («L’activité de votre entreprise est
an agreement on a guarantee of € 10 million to impactée par le Coronavirus COVID-19»).
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In Latvia, state and municipal capital companies types of support. We believe that such steps
temporarily exempt entrepreneurs in the sectors are insufficient because small business needs
affected by the Covid-19 crisis from rent or make additional incentives to stabilize the work during
decisions on the reduction of rents. To mitigate the “pandemic” crisis and they have to be expanded.
the effects of the crisis, banks have developed
solutions to determine credit holidays and defer 4. Proposals to improve the state support for
the principal amount, as well as to temporarily small business in Ukraine during the pandemic
defer other liabilities («Covid-19 aktualitātes»). First, small business entities can quickly reorient
One of the problems for small business is their own production to the output of anti-
distrust of the proposed mechanisms of state epidemic products and in a short time to provide
support and misunderstanding (sometimes government agencies with them, including
complete rejection) of the restrictions imposed medical and educational institutions. Therefore,
in Ukraine in order to overcome coronavirus. the implementation of part of the tender
Small business entities are usually insufficiently procurement of small and micro enterprises, by
informed about the anti-crisis support provided fixing the appropriate quota in the legislation,
by the government. will not only stabilize their activities during the
As observed from the table given above, Ukraine, “pandemic crisis”, but also will stimulate their
in order to reduce the impact of quarantine further development.
restrictions on the activities of small business Secondly, the state should take into account the
entities, has proposed measures to support them, important specifics of many micro-enterprises
namely credit, social, tax, information and other when establishing quarantine restrictions,
Table 2
Types of state support for small business during the coronavirus disease in Ukraine
Type of support Review
– Banks are advised to restructure loans to businesses affected by pandemic-related restrictions.
Credit benefits – Under the loan program 5-7-9 %, for the period of quarantine or restrictive measures and within 90 days
from the date of its (their) cancellation, an anti-crisis support package for MMPs is offered;
– Small business enterprises are exempt from many taxes and fees during the quarantine period (land fees,
real estate tax for residential premises, single social security tax).
– Restriction of fines and moratorium on inspections.
– Permission for individual persons-entrepreneurs not to fill in the income book temporarily.
– Extension of deadline for submission of the annual declaration of property and income until June 30,
2020 inclusive.
– Postponement of the introduction of cash register for all categories of taxpayers under the simplified
system.
Tax preferences
– Increasing annual income limits for sole proprietors of 1, 2 and 3 groups.
– Exemption from VAT when importing goods needed to combat coronavirus.
– Simplification of the accounting system for products and introduction of a zero rate of excise tax for
state-owned enterprises that produce disinfectants based on alcohol.
– Termination of appeals against decisions of regulatory authorities.
– Taking into account the costs of VAT payers on transmission without restrictions, as a contribution to
the fight against coronavirus, health care facilities of medicines, drugs, equipment, etc.
– Granting local governments the right to decide on changes in the rates of the single tax.
– Small and medium-sized business owners who have employees are provided with partial
Social support unemployment benefits.
– One-time assistance in the amount of UAH 8,000 is provided to insured persons and business entities.
Agricultural
A variety of soft loans and grants are provided to agricultural small businesses.
business support
Information
Simplified access to public services through a variety of online resources.
support
Source: built by the authors on the basis of («Podatkovyi kodeks Ukrainy», 2010; «Pro zatverdzhennia Poriadku nadannia finansovoi
derzhavnoi», 2020; «Pro sotsialnu pidtrymku zastrakhovanykh osib», 2020; «Portal dlia pidpryiemtsiv»; «Prohramy pidtrymky
biznesu»; «Dostupni kredyty 5-7-9%»)
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especially agricultural entities and their need for have faced the following problems: limitation
markets (subject to compliance with relevant anti- or cessation of activities in connection with the
epidemic sanitary norms) as the main, only places implemented quarantine measures; reduction of
for them to sell products, goods or services. financial resources; forced transition to remote
Third, the state can develop mechanisms to work; incurring additional costs for anti-epidemic
reimburse the costs incurred by small business for drugs; lack of state support, etc.
the purchase of anti-epidemic means of protection 2. The analysis of formation of Ukrainian and
(masks, antiseptics). It is necessary to provide European regulatory framework concerning the
an opportunity for small business to apply to mitigation of influence of the entered quarantine
a designated government agency and receive restrictions on activity of the enterprises is carried
compensation from the budget spent funds. out, and also directions for improving the national
Fourth, many small business enterprises, when legislation on this problem are offered.
operating in rented buildings and facilities, need 3. Ukraine and European countries are
to be reimbursed for these costs. Most European implementing customs, credit, social, tax,
Union countries have made it possible for their information and other types of mitigation measures
small business to reimburse the costs of renting to support small businesses affected by the spread
premises, subject to pandemic restrictions. of coronavirus disease (COVID-19).
Ukraine can introduce a similar support measure 4. In order to improve the economic situation of
for its business. small business, it is proposed to take the following
Fifth, it is possible to introduce additional steps for the period of quarantine and after the
subventions from the state to local budgets in end of restrictions: to provide a quota for public
order to compensate their loss of revenue from procurement in small businesses; not to prohibit
the reduction of tax rates, which was introduced to the functioning of markets, provided that they
support small business. This can encourage local comply with anti-epidemic sanitary norms;
governments to reduce relevant taxes and fees. reimbursement of expenses incurred for the
Due to the restrictions imposed by the purchase of anti-epidemic means of protection; to
government, it can be noted that small business introduce additional subventions from the state to
entities need the increased support from the local budgets; compensation for the cost of renting
state during the “pandemic crisis” to address the premises, etc.
problems that have arisen in connection with the Consequently, the impact of the spread of
new situation. coronavirus disease on small business in Ukraine
and the EU is significant, which requires the
5. Conclusions state and local governments to develop and
Based on the analysis of the impact of implement measures to systematically support
coronavirus disease on small business in Ukraine, small business entities in order to stabilize the
the following conclusions can be drawn: economic situation, prevent a deep economic
1. Due to the introduction of quarantine crisis and ensure future reserves for the further
restrictions by the government to counter the development of business in Ukraine and EU
spread of coronavirus, small business entities countries.
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Vol. 2 No. 1, 2021
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Available at: https://www.gov.pl/web/koronawirus/kolejny-pakiet-10-dzialan-antykryzysowych-dla-
polskich-firm
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