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Whether it is your local grocery store or a startup with a tiny amount of capital and big dreams, almost everywhere you look, small firms typically form the backbone of a country’s economy. Together, they employ the majority of the global workforce and tend to generate a substantial share of economic output. But small businesses’ size and relatively diminutive political clout compared with, for instance, large airlines or banks, mean they are also more vulnerable to economic downturns than their better-funded peers. During the 2020 coronavirus pandemic, untold thousands of small- and medium-sized enterprises (SMEs) generally defined as firms with up to 500 employees lived through the toughest year imaginable.

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