Changes in SME Business Due to COVID-19—Survey in Slovakia and the Czech Republic

Abstract

The objective of the paper is to analyse and compare the consequences of the coronacrisis on the entrepreneurship of small and medium-sized enterprises (SMEs) in Slovakia and the Czech Republic with the aim of identifying the determinants of changes in entrepreneurship. The secondary empirical research was carried out based on the analysis of secondary and primary data. The analysis used economic indicators of SMEs, governmental measures and surveys of the views of entrepreneurs. The analysis used data from statistical databases and official reports from government institutions and non-governmental organisations (NGOs), as well as data from primary surveys conducted by NGOs. Descriptive statistics, financial analysis and cross-comparison methods were used to process the data. The results revealed changes in the business of SMEs in the Czech Republic and Slovakia during the crisis, such as the adaptation of business strategies, improvement of flexibility and acceleration of digitalisation processes. These changes highlighted the importance of building business agility. The summary of the main changes in SME business based on both secondary data and primary surveys and the perception of state anti-pandemic aid by managers as feedback to governments represent the main contributions of the paper.

Full text

Citation: JanákováSujová, Andrea,
and Václav Kupˇcák. 2024. Changes in
SME Business Due to COVID-19—
Survey in Slovakia and the
Czech Republic. Economies 12: 17.
https://doi.org/10.3390/
economies12010017
Academic Editor: Frank W. Agbola
Received: 2 December 2023
Revised: 9 January 2024
Accepted: 10 January 2024
Published: 12 January 2024
Copyright: © 2024 by the authors.
Licensee MDPI, Basel, Switzerland.
This article is an open access article
distributed under the terms and
conditions of the Creative Commons
Attribution (CC BY) license (https://
creativecommons.org/licenses/by/
4.0/).
economies
Review
Changes in SME Business Due to COVID-19—Survey in
Slovakia and the Czech Republic
Andrea JanákováSujová1, 2, * and Václav Kupˇcák2
1Department of Economics, Management and Business, Technical University in Zvolen,
960 01 Zvolen, Slovakia
2Department of Forest and Wood Products Economics and Policy, Mendel University in Brno,
613 00 Brno, Czech Republic; vaclav.kupcak@mendelu.cz
*Correspondence: sujova@tuzvo.sk
Abstract: The objective of the paper is to analyse and compare the consequences of the coronacri-
sis on the entrepreneurship of small and medium-sized enterprises (SMEs) in Slovakia and the
Czech Republic
with the aim of identifying the determinants of changes in entrepreneurship. The
secondary empirical research was carried out based on the analysis of secondary and primary data.
The analysis used economic indicators of SMEs, governmental measures and surveys of the views of
entrepreneurs. The analysis used data from statistical databases and official reports from government
institutions and non-governmental organisations (NGOs), as well as data from primary surveys
conducted by NGOs. Descriptive statistics, financial analysis and cross-comparison methods were
used to process the data. The results revealed changes in the business of SMEs in the Czech Republic
and Slovakia during the crisis, such as the adaptation of business strategies, improvement of flexibility
and acceleration of digitalisation processes. These changes highlighted the importance of building
business agility. The summary of the main changes in SME business based on both secondary data
and primary surveys and the perception of state anti-pandemic aid by managers as feedback to
governments represent the main contributions of the paper.
Keywords: coronacrisis; small and medium-sized enterprises; anti-pandemic measures; state aid;
enterprise agility
1. Introduction
The COVID-19 pandemic is one of the most important factors that will affect the busi-
ness environment in the years 2020 and 2021. The rapid onset and spread of the epidemic
have made it a pandemic affecting a geographically large area of the world, requiring
coordinated international cooperation. The rapid spread of the COVID-19 epidemic had a
significant impact on the global financial market, posing unprecedented risks to the global
economy and causing large losses to investors in a short period of time (Mou 2020). The
decline in economic activity affected both developed and developing countries. The main
economic impact of the H1N1 pandemic was due to fear and discrimination, which are the
main factors affecting the economy (Gong et al. 2020). In the European Union (EU) as a
whole, economic performance has declined, mainly due to the downturn of the major EU
economies (Fuentes and Moder 2021).
The noncyclical crisis caused by the uncontrollable spread of COVID-19 demonstrated
its unpredictable nature (Iacob et al. 2021). The pandemic limited the ability of large
masses of people to continue their professional activities due to the measures of physical
distancing. This affected the production capacity and ultimately the aggregate supply of
the economy (Oncioiu et al. 2021). Compared to the 2008 crisis, the economic recession
caused by the COVID-19 pandemic had a greater impact on businesses. As a result of
the various measures taken to prevent the spread of the disease, many companies had
Economies 2024,12, 17. https://doi.org/10.3390/economies12010017 https://www.mdpi.com/journal/economies

Economies 2024,12, 17 2 of 26
to reduce or cease operations. This caused significant problems for the economies of the
affected countries.
The direct effects of the coronacrisis were observed in most countries (Balasoiu 2021;
Abd Aziz et al. 2022;Turnea et al. 2020) in terms of reduced income, job losses, customer
preferences, low demand, cash flow problems, obstacles to the free flow of capital, labour
and trade. Companies in some sectors have lost up to 60% of their intrinsic value in one
year (Rizvi et al. 2022). The tourism, transport and culture sectors have experienced the
most significant declines in economic activity. The recovery of the global economy after the
COVID-19 pandemic will depend on the human response to the crisis (Lenzen et al. 2020).
Governments around the world have taken a number of measures to mitigate the negative
impact of the pandemic on aspects of personal and professional life, the economy and
public health. The measures taken have led to (temporary) disruptions in global supply
chains. This has had an impact on foreign trade and consumer price trends, which have
been characterised by increasing momentum in 2021.
Due to their limited resources, SMEs are among the most vulnerable categories of
enterprises in times of crisis, and COVID-19 has a particularly negative impact on them.
Publications by authors such as Birbirenko et al. (2020), Langworthy and Warnecke (2021),
Gashi et al. (2021), Clampit et al. (2022) and Abuhussein et al. (2021) have studied and
analysed the impact of the crisis on the SME economy in countries around the world. The
majority of the publications make use of data and methods from secondary and quantitative
research. Only a few studies, such as Al-Fadly (2020) or Du et al. (2023), explore the impact
of the coronacrisis on SME entrepreneurship through primary qualitative research. This
paper aims to fill this gap and provide results summarising the changes in SME business
based on combining secondary data analysis and primary questionnaire surveys in two
countries and comparing the results.
The position of small and medium-sized enterprises (SMEs) in the national economy
is particularly important given their contribution to total employment, value added and
economic development. The importance of SMEs can also be seen in the structure of
economically active units. According to the UNCTAD (2022)’s report, micro, small and
medium-sized enterprises (MSMEs) account for more than 90% of all enterprises. On
average, they provide 70% of total employment and 50% of gross domestic product (GDP).
The impact of the pandemic on the SME economy will therefore have the greatest impact
on national economic performance. Proper support for micro, small and medium-sized
enterprises is key to a sustainable and inclusive recovery from the pandemic. This has led
to this paper focusing on SMEs.
The aim of the paper is to analyse the impact of the crisis on SME entrepreneurship
in Slovakia and the Czech Republic in order to identify the determinants of changes in
entrepreneurship not only through the analysis of changes in economic indicators, but
also through information obtained directly from firm managers in a primary survey. This
complex view distinguishes the paper from other published studies. The paper contributed
to the theoretical knowledge by summarising the changes in the business of SMEs due to the
COVID-19 pandemic. The empirical contribution can be found in the results from Slovakia
and the Czech Republic regarding the impact of the pandemic on the business of SMEs.
The assessment of entrepreneurs’ views on government support measures to mitigate the
effects of the pandemic and the extent of their use by SMEs can serve as feedback and
inspiration for policy makers in proposing appropriate government interventions.
2. Literature Review
Given the economic implications of COVID-19, some researchers have examined the
economics in specific areas. Li and Xu (2022) conducted a comprehensive review and
analysis of publications in the field of financial innovation. Most financial activities were
restricted during the coronacrisis due to public isolation, travel restrictions, movement
restrictions and other similar measures, which was a significant blow to many small
and medium-sized enterprises (Saputra and Herlina 2021). Some studies have shown that

Economies 2024,12, 17 3 of 26
COVID-19 caused supply chain disruptions and thus a decline in the economic performance
of SMEs (Al-Hakimi et al. 2021;Zainal et al. 2022). Although national governments have
taken a number of measures to improve supply chain performance, they appear to have
failed to ensure sufficient supplies of essential goods at a time when consumers were panic
buying, particularly of food and healthcare products. (Nicola et al. 2020;Goel et al. 2021).
Mody et al. (2021) have begun to review research on the sharing economy. The impact of
the COVID-19 pandemic on economic, environmental and social change has been analysed
by Bashir et al. (2020). There is still a need to adopt strategies that ensure long-term
survival, with environmental sustainability becoming one of the most important factors in
the pandemic crisis (Lu et al. 2021).
According to Iancu et al. (2022), limited access to liquidity, lack of strong government
support, poorly prepared and motivated human resources, and low digitalisation were
the weaknesses of SMEs and the main obstacles to resilience in this crisis. Research by
Du et al. (2023) showed that COVID-19 had a significant negative impact on profitability,
operations, economics and access to finance. According to the findings of the study, external
financial support plays an important role in the ability of SMEs to persevere and succeed
through technological innovation rather than their actual output. As a result, SMEs are
under increasing pressure to modernise their operations through a variety of technologies
(Zaverzhenets and Łobacz 2021). Xia et al. (2021) developed a technology-organisation-
environment model that is useful for adapting to changing circumstances, as it allows the
study of interactions between processes, inputs and outputs. The COVID-19 pandemic has
led SMEs to abandon their traditional methods in favour of more environmentally friendly
ones in order to operate in a sustainable manner. To achieve this, SMEs need technologies
that can be adapted (Du et al. 2023).
Other factors influencing the ability of SMEs to survive and cope with the coronacrisis
include employee and customer satisfaction in the changing situations. (Khan et al. 2022;
Fasth et al. 2022;Thekkoote 2023). A study by Dyduch et al. (2021) showed that the
alignment of the organisation’s internal and external environments had a mitigating effect
on the decline in business performance during the coronacrisis. According to Zhang
et al. (2021), top management should evaluate both internal and external factors that
affect the company’s performance, understand their results and seize the opportunities to
protect the company. The importance of strategic flexibility, innovation-oriented strategies,
implementing agile behaviour and dynamic capabilities and applying creativity to adapt
to new conditions has been highlighted as a matter of survival in emerging economies
(Chomicki and Mierzejewska 2020;Thukral 2021;Zutshi et al. 2021;Yaya et al. 2022;Chen
et al. 2023). According to Zahoor et al. (2022), agile adaptation and exploitation of new
opportunities were the main means of coping with the disruptions caused by the COVID-19
pandemic in Finnish SMEs.
SMEs are the main source of new product and technology development (Le and
Nguyen 2022). The addition of new products, processes and management activities related
to the delivery of a product or service can also be considered innovation (Miocevic 2022).
Some SMEs have responded to the crisis by applying creativity in problem solving to seize
opportunities (Thukral 2021). For these opportunities to be realised, some government
intervention is needed to remove the negative effects of blocking constraints (Adam and
Alarifi 2021). SMEs continue to pose a significant challenge to economic policy makers and
investors in the current dynamic business environment (Rahman et al. 2022). A study by
Al-Fadly (2020) highlights the need for more government action to support surviving firms
and revive lost businesses.
During the COVID-19 pandemic, most countries introduced measures to support
SMEs and the self-employed, with a particular focus on maintaining short-term liquidity
and employment. These measures take different forms in the following areas: financial
instruments, payment deferrals, employment and structural policies (OECD 2021). Some
countries have introduced measures on short-time working, temporary lay-offs and sick
leave. In these cases, governments provide wage support and income to temporarily laid-off

Economies 2024,12, 17 4 of 26
workers and firms to maintain employment. Many countries have also introduced measures
specifically targeted at the self-employed. To ease liquidity constraints, governments have
introduced measures to defer taxes, social security payments, debts, rent and utility bills.
In some cases, tax breaks, debt repayment moratoria or loan guarantees have also been
introduced to encourage commercial banks to lend more to SMEs. Several countries
have increased direct lending to SMEs or the provision of grants and subsidies by public
institutions to bridge the income gap. Some countries are increasingly focusing on structural
policies to help SMEs adopt new working methods and technologies or find new markets
and sales channels so that they can continue to operate while the measures are being
implemented. These policies focus not only on pressing short-term challenges, but also on
supporting their continued growth. (SBA 2020a;OECD 2020).
The publications provide information on the main impacts of the pandemic crisis on
the business sector, factors affecting the survival of SMEs during the pandemic period,
options for overcoming the pandemic crisis and the need for state aid. A comprehensive
assessment of the changes in the economy and business of SMEs due to the impact of the
coronacrisis, or an assessment of the adequacy and sufficiency of state support to mitigate
the impact of the COVID-19 pandemic by business managers, is only marginally found in
existing studies. This paper aims to fill this gap in the literature. It also adds to the existing
knowledge by comparing the impact of the coronacrisis on SME entrepreneurship in two
EU countries, Slovakia and the Czech Republic.
3. Methodology
A review of many scientific papers focused on the impact of the COVID-19 pandemic
on SMEs in countries around the world showed the importance of addressing this issue
and was the inspiration for the objectives and methodology of the paper. The authors
deal with the contemporary research focused on the reactive agility of enterprises in the
context of the coronacrisis and follow up their previous works focused on the impact of the
COVID-19 pandemic on the economy of the selected countries and on the determinants of
the external and internal business environment that cause the need for building enterprise
agility in the context of the coronacrisis impact.
3.1. Initial Data
The sources of secondary data were the databases of the Czech Statistical Office (Czech
Statistical Office (CSO) 2023a,2023b) and official reports of government institutions (MPO
CR 2021) and NGOs in 2020–2022 (SBA, IPSOS, OECD, UNCTAD). The subjects of the
analysis were government measures to support SMEs during the COVID-19 pandemic (SBA
2020a;MPO CR 2021;OECD 2020,2021) and SME data on the number of business units,
number of employees, production, amount of sales, added value and profit in 2019–2021
(SBA 2021a,2022;Czech Statistical Office (CSO) 2023b).
The results of quantitative primary surveys conducted by NGOs in the Slovak Republic
and the Czech Republic were analysed from the official reports of the Slovak Business
Agency and IPSOS in the Czech Republic. The survey results and questionnaires from
Slovakia can be found at:
https://www.sbagency.sk/sites/default/files/sprava_kvalita_pp_fin_0.pdf (accessed
on 20 October 2023) (SBA 2020c) and https://www.sbagency.sk/sites/default/files/sprava_
z_prieskumu_postojemsp_k_pp.pdf (accessed on 20 October 2023) (SBA 2021b). The primary
survey, its results and the questionnaire conducted by IPSOS in the Czech Republic can be
found at: https://amsp.cz/wp-content/uploads/2021/03/Ipsos-pro-AMSP_Covid-a-Zm%
C4%9Bny-v-podnik%C3%A1n%C3%AD_FINAL-_TZ-1.pdf (accessed on 5 November 2023)
(IPSOS 2021).
3.2. Methods and Variables
The method used was secondary empirical research based on the analysis of both
secondary and primary data. Secondary research is an empirical method based on the

Economies 2024,12, 17 5 of 26
use of data collected by someone else. It can be qualitative or quantitative (Tegan 2023).
Our secondary research is quantitative and uses data from meta-analyses and public
sector databases.
In processing the economic data, methods of descriptive statistics and economic
analysis were used, especially indices of change. The development trend of the economic
indicators was assessed using time series analysis and the calculation of development
indices (Ix). The development index is calculated as follows:
IX=Xt
Xt−1−1.100 (1)
where Xis the value of the economic indicator, tis the period. The result is expressed as a
percentage. A positive result indicates growth, a negative result indicates decline.
Time series analysis is used to identify trends, seasonal variations and random fluctua-
tions in data. There are a number of theoretical models for this analysis. A moving average
model (see Gershenfeld 1999), which was used in this study, is used to identify trends and
seasonal variations.
The primary data analysed in the paper come from quantitative questionnaire surveys
conducted by the Slovak Business Agency in Slovakia and IPSOS in the Czech Republic. A
questionnaire survey is a data collection method used to obtain information from respon-
dents about their opinions, attitudes or behaviours. The theoretical basis of questionnaire
research is that the researcher uses existing theories and models to create the questions
necessary to obtain the desired information (Rea and Parker 2014). The minimum research
sample (n), which serves as the main assumption allowing the generalisation of the research
results to the entire population (all SMEs), is determined by the following relationship
(Pacákováet al. 2009):
n≥z2.p.(1−p)
c2(2)
where ‘z’ is the reliability coefficient of the data, ‘p’ is the confidence level and ‘c’ is the
margin of error. By applying the formula and then performing the calculation, it was found
that with a base set of over 20,000 units, with a confidence interval of 95% and a margin of
error of 5%, 384 respondents are required in the survey.
3.3. The Characteristics of the Quantitative Primary Surveys
Quantitative surveys in the Slovak Republic were carried out by the Slovak Business
Agency in cooperation with the Association of Slovak Entrepreneurs and the Slovak Trade
Union. The data collection was based on a questionnaire prepared by the Slovak Business
Agency. The first survey was conducted in October 2020 (SBA 2020c). The aim of the survey
was to find out the opinions of sole proprietors, small and medium-sized entrepreneurs
on the impact of the second wave of the COVID-19 pandemic, the measures implemented
in the companies, the anti-pandemic measures taken in connection with the second wave
of the coronacrisis and to obtain information on the preferred support measures. A total
of
1109 respondents
participated in the survey. The second survey was conducted in
December 2021 and focused on the monitoring SME financing (SBA 2021b). As part of the
questionnaire questions, entrepreneurs assessed the government’s measures to mitigate
the effects of the coronacrisis, as well as the impact of the coronacrisis on the level of
digitalization in their enterprises. A total of 1000 respondents participated in the survey.
The answers of the entrepreneurs were evaluated according to a second-level classification
based on four observed characteristics of the respondents: type of economic activity
SK NACE, legal form, registered office and length of business activity. The statistical
analysis programme IBM SPSS Statistics, version 26.0, was used to process and evaluate
the individual responses.
The quantitative survey in the Czech Republic was conducted by IPSOS for the Asso-
ciation of Small and Medium-Sized Enterprises and Tradesmen of the Czech Republic in
February 2021 using a structured online questionnaire (IPSOS 2021). The aim of the survey

Economies 2024,12, 17 6 of 26
was to map the impacts of the coronacrisis and their management from the perspective of
SME entrepreneurs. The target group consisted of sole proprietors and owners, managers
and directors of SMEs with 4–250 employees. The responses of the entrepreneurs were
analysed by classification into sole proprietorships and other SMEs and by sector of activity
(manufacturing, trade, services).
In both countries, the survey method used was by means of a questionnaire. The
representative samples in the surveys were drawn by stratified random sampling from a
core set of small and medium-sized enterprises operating in the Slovak and Czech Republics
in 2020 and 2021. The respondents to the surveys were representatives of business decision-
makers, i.e., business owners, CEOs, managing directors or competent personnel authorized
to answer the questions. The focus and goal of the surveys were the same, but the content of
the questionnaires differed in some questions. Therefore, the same questions were selected
from the surveys to ensure comparability. The first part of the questionnaires concerned
the identification of the respondent: number of employees, type of activity, region of
operation and age of the enterprise. The second part of the questionnaires contained
questions aimed at assessing the impact of the COVID-19 pandemic and its intensity, areas,
or indicators of the company most affected by the pandemic and measures taken in the
companies to overcome the pandemic crisis. The third part of the questionnaires was
focused on managers’ attitudes towards the state support provided during the pandemic
and the extent to which it was used. The last selected question concerned the impact of the
COVID-19 pandemic on digitization processes in the company.
4. Results
This section presents the results of the secondary research in the following order: the
impact of the pandemic on the SME economy, an overview of the measures taken by the
Slovak and Czech governments to support SMEs, and the results of the primary quantitative
surveys in the Slovak and Czech Republics. Small and medium-sized enterprises represent
99.8% of the total number of business entities in both the Slovak and the Czech economies.
They account for almost two thirds of employment in the business economy and contribute
more than half of the total value added (56% in the Czech Republic and 54% in Slovakia),
which is comparable to the EU average.
4.1. The Impact of the Pandemic on the Economy of SMEs
One of the hardest hit and most vulnerable sectors in the first wave of the pandemic
was the accommodation and food services sector, which was already experiencing re-
strictions or outright closures. Another sector severely affected by the pandemic was the
other services sector, which includes education, health and social work and covers a wide
range of activities—from health care provided by trained health professionals in hospitals
and other facilities, to home care and social work activities without the involvement of
health professionals. Within the other services sector, culture, entertainment and recreation
(live performances, museum activities, gambling activities, sports and leisure activities)
and personal services such as hairdressing, beauty and other personal care activities also
form an important group. In addition to the sectors mentioned above, commerce—and in
particular retail outlets—was also affected by major restrictions and closures. During the
first wave of the pandemic, almost all retail outlets were closed. Those that were allowed
to remain open had to comply with strict hygiene requirements to prevent the spread of
the coronavirus. The restriction on the number of people in the premises, together with the
rising costs of improving hygiene levels, reduced the bottom line for businesses, which saw
their operating costs rise and their revenues fall. The final sector directly affected by the ban
and restrictions was transport. The border regime is linked to this and other sectors. Travel
restrictions and border closures during the first wave of the pandemic almost completely
halted international passenger traffic and severely restricted international freight traffic,
which in turn affected all sectors that rely on the import and export of goods. (SBA 2020b;
MPO CR 2021).

Economies 2024,12, 17 7 of 26
The number of small and medium-sized enterprises is one of the most important
quantitative indicators characterising the state of the SME sector. The development of the
number of newly created SMEs was very dynamic during the period analysed. The number
of business start-ups in the Slovak Republic that fall into the SME size category during
and after the two waves of the pandemic (as opposed to micro-enterprises) did not reach
the pre-pandemic level. Most newly born enterprises in the Slovak Republic are micro
or small enterprises. In 2020, 83,173 business units (all SMEs) were created. Compared
to 2019, the number of business entities created decreased by 2%. The development of
the number of liquidated business entities in the SR in 2020 indicates that entrepreneurs
did not stop their business activities immediately after the outbreak of the pandemic. The
unclear epidemiological situation and the deteriorating performance of enterprises caused
the closure of the most affected enterprises only in the 3rd and 4th quarter of 2020. In
2020, 47,648 business entities closed—8449 (or 15.06%) fewer than in 2019. In 2021, the
number of business entities closing increased to 51,724. The lower number of business
entities closing is also due to the adoption of the COVID-19 support measures. The most
significant decrease in the number of enterprise deaths was in the liberal professions
(
−
32.1%). More than four fifths of the total number of enterprises that disappeared were
sole proprietorships (82.1%) (SBA 2021a). Given that the number of newly born units was
higher than the number of units that disappeared, there was a net gain of 14.9% in 2021.
This is the highest level of net growth in the last 10 years. Compared with the previous year,
the number of SMEs increased by 37,138 units (SBA 2022). The development of the number
of SMEs in the Slovak Republic in the period 2017–2021 is shown in the graph in Figure 1.
Economies 2024, 12, x FOR PEER REVIEW 7 of 27
this and other sectors. Travel restrictions and border closures during the first wave of the
pandemic almost completely halted international passenger traffic and severely restricted
international freight traffic, which in turn affected all sectors that rely on the import and
export of goods. (SBA 2020b; MPO CR 2021).
The number of small and medium-sized enterprises is one of the most important
quantitative indicators characterising the state of the SME sector. The development of the
number of newly created SMEs was very dynamic during the period analysed. The num-
ber of business start-ups in the Slovak Republic that fall into the SME size category during
and after the two waves of the pandemic (as opposed to micro-enterprises) did not reach
the pre-pandemic level. Most newly born enterprises in the Slovak Republic are micro or
small enterprises. In 2020, 83,173 business units (all SMEs) were created. Compared to
2019, the number of business entities created decreased by 2%. The development of the
number of liquidated business entities in the SR in 2020 indicates that entrepreneurs did
not stop their business activities immediately after the outbreak of the pandemic. The un-
clear epidemiological situation and the deteriorating performance of enterprises caused
the closure of the most affected enterprises only in the 3rd and 4th quarter of 2020. In 2020,
47,648 business entities closed—8449 (or 15.06%) fewer than in 2019. In 2021, the number
of business entities closing increased to 51,724. The lower number of business entities clos-
ing is also due to the adoption of the COVID-19 support measures. The most significant
decrease in the number of enterprise deaths was in the liberal professions (−32.1%). More
than four fifths of the total number of enterprises that disappeared were sole proprietor-
ships (82.1%) (SBA 2021a). Given that the number of newly born units was higher than the
number of units that disappeared, there was a net gain of 14.9% in 2021. This is the highest
level of net growth in the last 10 years. Compared with the previous year, the number of
SMEs increased by 37,138 units (SBA 2022). The development of the number of SMEs in
the Slovak Republic in the period 2017–2021 is shown in the graph in Figure 1.
Figure 1. Development of the number of SMEs in the Slovak Republic in the period 2017–2021.
Source: own processing according to data of SBA (2022).
According to the Czech Statistical Office, 94,490 business entities were established in
the Czech Republic in 2020, of which 62,188 were sole proprietors. Compared to 2019, the
number of established business entities decreased by 6379, a decrease of 6.3%. In 2021,
102,709 business entities were established, an increase of 8219 new business entities com-
pared to 2020. In 2020, 61,601 business entities disappeared, representing 42,923 fewer en-
tities than in 2019. The number of disappeared business entities increased by 2920 to
64,521 in 2021. More than 70% of the total number of disappeared business entities in both
pandemic years were sole proprietorships (CSO 2023a). As in the Slovak Republic, there
was a net increase in the number of SMEs in the Czech Republic in 2020 and 2021, as more
enterprises were created than disappeared. Compared with the previous year, the number
of SMEs increased by 38,573 entities in 2020 and by 7073 entities in 2021 (CSO 2023b). The
567,131 559,841
595,371 597,171
634,309
2017 2018 2019 2020 2021
Number of SMEs SR
Figure 1. Development of the number of SMEs in the Slovak Republic in the period 2017–2021.
Source: own processing according to data of SBA (2022).
According to the Czech Statistical Office, 94,490 business entities were established
in the Czech Republic in 2020, of which 62,188 were sole proprietors. Compared to 2019,
the number of established business entities decreased by 6379, a decrease of 6.3%. In
2021, 102,709 business entities were established, an increase of 8219 new business entities
compared to 2020. In 2020, 61,601 business entities disappeared, representing 42,923 fewer
entities than in 2019. The number of disappeared business entities increased by 2920 to
64,521 in 2021. More than 70% of the total number of disappeared business entities in both
pandemic years were sole proprietorships (Czech Statistical Office (CSO) 2023a). As in the
Slovak Republic, there was a net increase in the number of SMEs in the Czech Republic
in 2020 and 2021, as more enterprises were created than disappeared. Compared with the
previous year, the number of SMEs increased by 38,573 entities in 2020 and by 7073 entities
in 2021 (Czech Statistical Office (CSO) 2023b). The development of the number of SMEs in
the Czech Republic in the period 2017–2021 is shown in the graph in Figure 2.

Economies 2024,12, 17 8 of 26
Economies 2024, 12, x FOR PEER REVIEW 8 of 27
development of the number of SMEs in the Czech Republic in the period 2017–2021 is
shown in the graph in Figure 2.
Figure 2. Development of the number of SMEs in the Czech Republic in the period 2017–2021.
Source: own processing according to data of CSO (2023b).
Employment
Micro-enterprises were the most important in terms of employment among SMEs in
the Slovak Republic. In 2021, their share was 46.1%. Small and medium-sized enterprises
have a significantly lower share (14.1% each) (SBA 2022). Table 1 gives an overview of the
percentage change in employment between 2017 and 2021.
Table 1. Changes in employment in SMEs in the Slovak Republic.
Years Change in Employment
2017 +1.40%
2018 +1.40%
2019 +1.70%
2020 −2.10%
2021 −0.80%
Source: SBA (2022).
Employment in the business sector decreased by 1.0% (by 18.3 thousand persons) to
1870.6 thousand persons. The share of persons employed in the profit-oriented business
sector in the total number of persons employed in the Slovak economy decreased to 79.4%
in 2021. Entrepreneurs operating in the hotels and restaurants sector had problems retain-
ing their employees. Employers in these sectors faced the problem of redundancies, with
employment falling by 9.2% and 7.2%, respectively. Only two branches, information and
communication activities and selected market services, recorded an increase in business
employment in 2021 (SBA 2022).
The Gross output of SMEs in the Slovak Republic
In 2020, non-financial SMEs produced products and services with a total value of
EUR 62,889 million, which represents 45.31% of the total gross output of non-financial
corporations in the Slovak Republic in that year. The volume of the gross output of SMEs
thus decreased by 13.57% in 2020 compared to the previous year as a result of the pan-
demic. In the second half of 2020, the volume of gross output started to increase gradually
and the increase in output compared to 2019 occurred only in the first quarter of 2021. The
changes in the production of SMEs in the Slovak Republic are shown in Table 2.
Table 2. Year-on-year comparison of the gross output of SMEs in Slovakia in the period 2020–2021.
Size 2020/2019 2021/2020
Micro ↓ 1.21% ↑ 1.90%
1,162,640 1,186,111
1,210,158
1,248,731 1,255,804
2017 2018 2019 2020 2021
Number of SMEs CR
Figure 2. Development of the number of SMEs in the Czech Republic in the period 2017–2021. Source:
own processing according to data of Czech Statistical Office (CSO) (2023b).
Employment
Micro-enterprises were the most important in terms of employment among SMEs in
the Slovak Republic. In 2021, their share was 46.1%. Small and medium-sized enterprises
have a significantly lower share (14.1% each) (SBA 2022). Table 1gives an overview of the
percentage change in employment between 2017 and 2021.
Table 1. Changes in employment in SMEs in the Slovak Republic.
Years Change in Employment
2017 +1.40%
2018 +1.40%
2019 +1.70%
2020 −2.10%
2021 −0.80%
Source: SBA (2022).
Employment in the business sector decreased by 1.0% (by 18.3 thousand persons) to
1870.6 thousand persons. The share of persons employed in the profit-oriented business
sector in the total number of persons employed in the Slovak economy decreased to 79.4% in
2021. Entrepreneurs operating in the hotels and restaurants sector had problems retaining
their employees. Employers in these sectors faced the problem of redundancies, with
employment falling by 9.2% and 7.2%, respectively. Only two branches, information and
communication activities and selected market services, recorded an increase in business
employment in 2021 (SBA 2022).
The Gross output of SMEs in the Slovak Republic
In 2020, non-financial SMEs produced products and services with a total value of
EUR 62,889 million, which represents 45.31% of the total gross output of non-financial
corporations in the Slovak Republic in that year. The volume of the gross output of SMEs
thus decreased by 13.57% in 2020 compared to the previous year as a result of the pandemic.
In the second half of 2020, the volume of gross output started to increase gradually and the
increase in output compared to 2019 occurred only in the first quarter of 2021. The changes
in the production of SMEs in the Slovak Republic are shown in Table 2.

Economies 2024,12, 17 9 of 26
Table 2. Year-on-year comparison of the gross output of SMEs in Slovakia in the period 2020–2021.
Size 2020/2019 2021/2020
Micro ↓1.21% ↑1.90%
Small ↓5.17% ↑2.97%
Medium ↓7.19% ↑0.14%
TOTAL ↓13.57% ↑4.39%
Note: red colour means decrease and green colour means increase. Source: SBA (2022).
The Profit of SMEs in the SR
SMEs reported a total profit of EUR 4790 million in 2020, representing 53.09% of the
profit generated by all non-financial companies in the Slovak Republic in 2020. Compared to
2019, which was not affected by the negative impact of the pandemic, SMEs thus reported
a lower profit of EUR 640 million (or 32.92%). The impact of the second wave of the
pandemic was more pronounced for micro and small enterprises, which is also related to
their sectoral structure. The volume of profits made by micro and small enterprises in 2021
did not exceed the volume of profits before the pandemic and decreased compared to 2020,
especially by 47% for small enterprises. Table 3shows the changes in the profits of SMEs in
the SR.
Table 3. Year-on-year comparison of the profits of SMEs in Slovakia in the period 2020–2021.
Size 2020/2019 2021/2020
Micro ↓17.18% ↓19.26%
Small ↓3.94% ↓47.08%
Medium ↓11.8% ↑102.76%
TOTAL ↓32.92% ↑16.18%
Note: red colour means decrease and green colour means increase. Source: SBA (2022).
The economic indicators for the group of SMEs in the Czech Republic and their
development in 2020 and 2021 are not publicly published in any available information
source. Therefore, they are not presented in the results.
4.2. Government Measures to Support SMEs
The governments of the Slovak Republic and the Czech Republic have introduced
measures to support SMEs and the self-employed with the aim of maintaining short-term
liquidity and employment in enterprises. An overview of the individual measures in the
four areas is given in Table 4.
Table 4. Overview of SME support measures in the Slovak Republic and the Czech Republic.
Employment Deferment of Payments Financial
Instruments Structural Policies
Income tax Loan guarantees New markets
Wage subsidies VAT Direct loans Innovation
CSR Social security contributions Grants and subsidies
Rent and local charges
Debt moratorium
Source: adapted from OECD (2020). Coronavirus (COVID-19): SME Policy responses [online].
In the area of employment, the Slovak government provided wage subsidies to SME
employers and compensation to individual entrepreneurs as a contribution to the loss of
income from employment, determined according to a minimum 10% decrease in turnover.
The Czech Government decided to grant only wage subsidies to those employed.
In the area of payment deferral, in both the Czech Republic and the Slovak Republic
SMEs and sole proprietors could apply for deferral of income tax payments and for deferral

Economies 2024,12, 17 10 of 26
of loan or mortgage repayments without deterioration of the borrower’s creditworthiness
for a maximum of 9 months. In the Slovak Republic, employers and self-employed per-
sons who are compulsorily insured and who have experienced a decrease in turnover
of 40% or more were able to apply for the deferral of social security contributions and
the advance payment of health insurance contributions. The Slovak government also
approved a waiver of the obligation to pay employer’s social insurance, pension saving
and supplementary pension saving contributions if the employer or compulsorily insured
self-employed person was closed for at least 15 days in April 2020, based on a decision of
the Health Insurance Office.
In the area of financial instruments, the Czech government introduced all three in-
struments. In addition to loan guarantees and interest subsidies, it has created special
loan funds to help SMEs raise working capital. The Government of the Czech Republic
has guaranteed loans and/or paid interest on bank loans and provided subsidies in the
form of an interest subsidy for loans to SMEs or a lump sum for self-employed persons
without income.
Structural policy instruments have been used only in the Czech Republic, in the form
of the Czech Rise Up Programme to support innovative enterprises, including start-ups,
and the Technology Programme to support the acquisition of new technological equipment
and facilities by SMEs, which is directly related to the fight against the spread of the virus
(OECD 2021).
4.3. The Results of the Survey on the Views of Entrepreneurs in the Slovak Republic
The negative impact of the adoption of anti-pandemic measures related to the COVID-
19 pandemic in Slovakia is felt by 94.7% of the surveyed companies (see Figure 3). Most
of the enterprises experiencing a significant negative impact of the measures taken are
in the food service sector, but were also found in the arts, entertainment, recreation and
sport sectors.
Economies 2024, 12, x FOR PEER REVIEW 10 of 27
of 40% or more were able to apply for the deferral of social security contributions and the
advance payment of health insurance contributions. The Slovak government also ap-
proved a waiver of the obligation to pay employer’s social insurance, pension saving and
supplementary pension saving contributions if the employer or compulsorily insured self-
employed person was closed for at least 15 days in April 2020, based on a decision of the
Health Insurance Office.
In the area of financial instruments, the Czech government introduced all three in-
struments. In addition to loan guarantees and interest subsidies, it has created special loan
funds to help SMEs raise working capital. The Government of the Czech Republic has
guaranteed loans and/or paid interest on bank loans and provided subsidies in the form
of an interest subsidy for loans to SMEs or a lump sum for self-employed persons without
income.
Structural policy instruments have been used only in the Czech Republic, in the form
of the Czech Rise Up Programme to support innovative enterprises, including start-ups,
and the Technology Programme to support the acquisition of new technological equip-
ment and facilities by SMEs, which is directly related to the fight against the spread of the
virus (OECD 2021).
4.3. The Results of the Survey on the Views of Entrepreneurs in the Slovak Republic
The negative impact of the adoption of anti-pandemic measures related to the
COVID-19 pandemic in Slovakia is felt by 94.7% of the surveyed companies (see Figure
3). Most of the enterprises experiencing a significant negative impact of the measures
taken are in the food service sector, but were also found in the arts, entertainment, recre-
ation and sport sectors.
Figure 3. Assessment of the negative impact of anti-pandemic measures in the SME in the SR. Source:
adjusted from data of SBA (2020c).
The results of responses to the question “What measures are you implementing in
your business in response to the coronacrisis to reduce losses?” are shown in Figure 4.
In response to the second wave of the coronacrisis, companies are implementing a
wide range of measures to reduce losses. The most common measure taken by the com-
panies surveyed (42%) is to adapt the services they provide to the new needs of the mar-
ket. At the same time, the same proportion of respondents (42%) are approaching the cur-
rent crisis in their business by investing their own reserves from the past to keep the busi-
ness running. More than a third (37%) of the interviewed entrepreneurs have temporarily
closed their business, either because of an order from the Central Crisis Staff of the Slovak
Republic or because of a significant drop in demand and sales. Almost a quarter (23%) of
entrepreneurs have responded to the second wave of the coronacrisis by reducing the
working hours of their employees or plan to do so soon. A more radical measure, in the
form of redundancies, is also planned by almost a quarter (23%) of the companies
72%
23%
5%
Impacts of the second wave of the Covid-19
pandemic
Significant
Moderate
None
Figure 3. Assessment of the negative impact of anti-pandemic measures in the SME in the SR. Source:
adjusted from data of SBA (2020c).
The results of responses to the question “What measures are you implementing in
your business in response to the coronacrisis to reduce losses?” are shown in Figure 4.
In response to the second wave of the coronacrisis, companies are implementing a wide
range of measures to reduce losses. The most common measure taken by the companies
surveyed (42%) is to adapt the services they provide to the new needs of the market. At the
same time, the same proportion of respondents (42%) are approaching the current crisis in
their business by investing their own reserves from the past to keep the business running.
More than a third (37%) of the interviewed entrepreneurs have temporarily closed their
business, either because of an order from the Central Crisis Staff of the Slovak Republic or

Economies 2024,12, 17 11 of 26
because of a significant drop in demand and sales. Almost a quarter (23%) of entrepreneurs
have responded to the second wave of the coronacrisis by reducing the working hours of
their employees or plan to do so soon. A more radical measure, in the form of redundancies,
is also planned by almost a quarter (23%) of the companies surveyed. Plans to lay off staff
are most common among food service entrepreneurs (44%). The worst-case scenario, i.e.,
closing down completely, is planned by a further 14% of SMEs in the near future.
Economies 2024, 12, x FOR PEER REVIEW 11 of 27
surveyed. Plans to lay off staff are most common among food service entrepreneurs (44%).
The worst-case scenario, i.e., closing down completely, is planned by a further 14% of
SMEs in the near future.
Figure 4. Measures implemented in Slovak enterprises during the COVID-19 pandemic. Source: ad-
justed from data of SBA (2020c).
The impact of the COVID-19 pandemic on SMEs’ revenues, according to the re-
sponses of entrepreneurs, is shown in the graph in Figure 5.
Figure 5. Changes in the sales of SMEs in the Slovak Republic compared to the same period of the
previous year. Source: adjusted from data of SBA (2020c).
The answers of the entrepreneurs show that during the first wave of the coronacrisis
(April–May 2020) up to 94% recorded a drop in sales, while most of the enterprises rec-
orded a significant drop in sales of more than 80%. The same proportion, 94% of SMEs,
decreaseup to
10%
decrease 11-
30%
decrease 31-
50%
decrease 51-
80%
decrease of
more than
80%
no change revenues
growth
Change in sales compared to the same period of the previous year
1st wave 2nd wave by the end of the year
5.3%
8.5%
13.7%
13.8%
18.9%
22.5%
23.1%
36.8%
41.6%
41.8%
Other
W
e
a
r
e
n
egot
i
at
in
g
wi
t
h
ba
nk
s
f
o
r n
e
w l
oa
n
s
t
h
at
will
help bridge this period
N
egot
i
at
in
g
wi
t
h
ba
nk
s
to
postpo
n
e
t
h
e
m
atu
ri
ty
o
f l
oa
n
s
W
e
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l
a
n
to
go
out
o
f
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in
ess
W
e
a
r
e
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at
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g
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h
supp
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e
r
s
to
e
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te
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r m
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ri
t
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es
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od
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cat
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n
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r
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l
co
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i
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i
o
n
s
W
e
p
l
a
n
to
l
ay
o
ff
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m
e
o
f
ou
r
e
m
p
l
oyees
a
r
e
go
in
g
o
n
s
h
o
rt-tim
e
f
u
ll tim
e/co
min
g
soo
n
Temporary closure
We invest our own reserves from the past to
kee
p
the com
p
an
y
We are starting to adapt our service provision to the new
m
a
rk
et
n
eeds
Measures to be im
p
lemented in business in the Slovak Re
p
ublic
Figure 4. Measures implemented in Slovak enterprises during the COVID-19 pandemic. Source:
adjusted from data of SBA (2020c).
The impact of the COVID-19 pandemic on SMEs’ revenues, according to the responses
of entrepreneurs, is shown in the graph in Figure 5.
Economies 2024, 12, x FOR PEER REVIEW 11 of 27
surveyed. Plans to lay off staff are most common among food service entrepreneurs (44%).
The worst-case scenario, i.e., closing down completely, is planned by a further 14% of
SMEs in the near future.
Figure 4. Measures implemented in Slovak enterprises during the COVID-19 pandemic. Source: ad-
justed from data of SBA (2020c).
The impact of the COVID-19 pandemic on SMEs’ revenues, according to the re-
sponses of entrepreneurs, is shown in the graph in Figure 5.
Figure 5. Changes in the sales of SMEs in the Slovak Republic compared to the same period of the
previous year. Source: adjusted from data of SBA (2020c).
The answers of the entrepreneurs show that during the first wave of the coronacrisis
(April–May 2020) up to 94% recorded a drop in sales, while most of the enterprises rec-
orded a significant drop in sales of more than 80%. The same proportion, 94% of SMEs,
decreaseup to
10%
decrease 11-
30%
decrease 31-
50%
decrease 51-
80%
decrease of
more than
80%
no change revenues
growth
Change in sales compared to the same period of the previous year
1st wave 2nd wave by the end of the year
5.3%
8.5%
13.7%
13.8%
18.9%
22.5%
23.1%
36.8%
41.6%
41.8%
Other
W
e
a
r
e
n
egot
i
at
in
g
wi
t
h
ba
nk
s
f
o
r n
e
w l
oa
n
s
t
h
at
will
help bridge this period
N
egot
i
at
in
g
wi
t
h
ba
nk
s
to
postpo
n
e
t
h
e
m
atu
ri
ty
o
f l
oa
n
s
W
e
p
l
a
n
to
go
out
o
f
bus
in
ess
W
e
a
r
e
n
egot
i
at
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g
wi
t
h
supp
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r
s
to
e
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atu
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t
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od
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r
actua
l
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i
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s
W
e
p
l
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ay
o
ff
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m
e
o
f
ou
r
e
m
p
l
oyees
a
r
e
go
in
g
o
n
s
h
o
rt-tim
e
f
u
ll tim
e/co
min
g
soo
n
Temporary closure
We invest our own reserves from the past to
kee
p
the com
p
an
y
We are starting to adapt our service provision to the new
m
a
rk
et
n
eeds
Measures to be im
p
lemented in business in the Slovak Re
p
ublic
Figure 5. Changes in the sales of SMEs in the Slovak Republic compared to the same period of the
previous year. Source: adjusted from data of SBA (2020c).

Economies 2024,12, 17 12 of 26
The answers of the entrepreneurs show that during the first wave of the coronacrisis
(April–May 2020) up to 94% recorded a drop in sales, while most of the enterprises recorded
a significant drop in sales of more than 80%. The same proportion, 94% of SMEs, also
recorded a fall in turnover in the second wave of the crisis. Compared with the first
wave, however, the situation is slightly different, with a larger number of entrepreneurs
experiencing smaller falls in turnover in the current situation. However, up to half of the
SMEs experienced a fall in turnover of up to 50% compared with the same period a year
earlier. Across all economic sectors, the decline in turnover in both waves of the crisis was
most pronounced in those sectors most affected by anti-pandemic measures, such as food
services, arts, entertainment and recreation.
The preferred measures to support businesses during the COVID-19 pandemic are
shown in Figure 6. Businesses would clearly like to see a reduction or partial waiver of taxes
(63%). More than half (56%) of businesses prefer measures in the form of direct subsidies to
cover their fixed costs. The third most desired measure to help businesses in the current
difficult situation is a significant reduction in the VAT rate. This measure is favoured by
39% of entrepreneurs. This is followed by measures that have already been adopted by
the Slovak government, such as an increase in the maximum monthly amount of subsidies
for self-employed persons and one-person limited liability companies, and an increase in
the rates of lump-sum subsidies calculated on the basis of the decrease in turnover. The
companies participating in the survey were also interested in indirect government support
in the form of changes to the Labour Code to increase employment flexibility (preferred by
16% of respondents) or the provision of advisory and other services to help overcome the
second wave of the crisis (11% of entrepreneurs).
Economies 2024, 12, x FOR PEER REVIEW 12 of 27
also recorded a fall in turnover in the second wave of the crisis. Compared with the first
wave, however, the situation is slightly different, with a larger number of entrepreneurs
experiencing smaller falls in turnover in the current situation. However, up to half of the
SMEs experienced a fall in turnover of up to 50% compared with the same period a year
earlier. Across all economic sectors, the decline in turnover in both waves of the crisis was
most pronounced in those sectors most affected by anti-pandemic measures, such as food
services, arts, entertainment and recreation.
The preferred measures to support businesses during the COVID-19 pandemic are
shown in Figure 6. Businesses would clearly like to see a reduction or partial waiver of
taxes (63%). More than half (56%) of businesses prefer measures in the form of direct sub-
sidies to cover their fixed costs. The third most desired measure to help businesses in the
current difficult situation is a significant reduction in the VAT rate. This measure is fa-
voured by 39% of entrepreneurs. This is followed by measures that have already been
adopted by the Slovak government, such as an increase in the maximum monthly amount
of subsidies for self-employed persons and one-person limited liability companies, and an
increase in the rates of lump-sum subsidies calculated on the basis of the decrease in turn-
over. The companies participating in the survey were also interested in indirect govern-
ment support in the form of changes to the Labour Code to increase employment flexibil-
ity (preferred by 16% of respondents) or the provision of advisory and other services to
help overcome the second wave of the crisis (11% of entrepreneurs).
Figure 6. Preferences of entrepreneurs in the Slovak Republic for state support measures. Source:
adjusted from data of SBA (2020c).
The evaluation of the government’s economic measures to support SMEs was carried
out in two surveys, at the beginning of the second wave of the pandemic and at the end
of the pandemic. At the beginning of the period, in the second wave of the pandemic, the
results of the survey in Figure 7 indicate that the existing state aid did not compensate for
the drop in sales of entrepreneurs in Slovakia. For almost half of the enterprises surveyed
0% 20% 40% 60% 80%
Reduction or partial remission of levies
Direct subsidy to cover fixed costs
A substantial reduction in the VAT rate
Increase in the maximum monthly amount of aid for self-…
Increase in the rates of flat-rate support calculated on the…
Increase in the limit for the employee's salary compensation
Better availability of interest-free or low-interest loans
Removing regulations that increase staff costs
Changes to the Labour Code to increase employment flexibility
Indirect state assistance
Other
63.10%
55.80%
38.90%
28.70%
28.40%
20.60%
19.10%
18.90%
15.70%
11.10%
3.50%
Preferred state support measures by entrepreneurs
Figure 6. Preferences of entrepreneurs in the Slovak Republic for state support measures. Source:
adjusted from data of SBA (2020c).
The evaluation of the government’s economic measures to support SMEs was carried
out in two surveys, at the beginning of the second wave of the pandemic and at the end
of the pandemic. At the beginning of the period, in the second wave of the pandemic, the

Economies 2024,12, 17 13 of 26
results of the survey in Figure 7indicate that the existing state aid did not compensate for
the drop in sales of entrepreneurs in Slovakia. For almost half of the enterprises surveyed
(49%), the fall in turnover was significantly higher than the state aid received. The situation
was worst for entrepreneurs in the restaurant and catering sector, where more than half
(65%) of the entrepreneurs experienced a fall in turnover significantly higher than the state
aid. For various reasons, almost a third (32%) of the enterprises surveyed had not yet used
state aid.
Economies 2024, 12, x FOR PEER REVIEW 13 of 27
(49%), the fall in turnover was significantly higher than the state aid received. The situa-
tion was worst for entrepreneurs in the restaurant and catering sector, where more than
half (65%) of the entrepreneurs experienced a fall in turnover significantly higher than the
state aid. For various reasons, almost a third (32%) of the enterprises surveyed had not yet
used state aid.
Figure 7. Assessment of state aid to compensate for the loss of the revenues of SMEs in the Slovak
Republic. Source: adjusted from data of SBA (2020c).
In the second survey, conducted in 2021, firms were asked to rate their assessment of
measures to mitigate the impact of the coronacrisis. The results are presented in Figure 8.
More than two thirds of SMEs (67.1%) rate the current economic measures for entrepre-
neurs aimed at mitigating the impacts of the coronacrisis as insufficient. Only 2.8% of en-
trepreneurs rate the measures as very good and more than a fifth (22.5%) as sufficient. A
total of 7.6% of SMEs did not make use of the support measures.
Figure 8. Assessment of measures for entrepreneurs in the Slovak Republic to mitigate the impact
of the coronacrisis. Source: adjusted from data of SBA (2021b).
Figure 9 shows which of the exceptional economic measures to mitigate the negative
effects of COVID-19 were most valued by the entrepreneurs. The most valued measure by
the entrepreneurs surveyed was the wage subsidy for employees (33.7%), and the second
most valued measure was the compensation for loss of income (11.8%). Conversely, the
least valued measures were bank guarantees (1.2%) and temporary protection from cred-
itors (0.3%). A total of 21.0% of SMEs mentioned the option ‘Other’ under economic
measures. The most common option mentioned by respondents in the ‘Other’ category
was ‘None of the above’. Contributions to employees’ salaries were most appreciated by
small entrepreneurs (35.3%), those operating in the accommodation and catering sector
1%
18%
49%
32%
Assessment of State aid to compensate for revenue shortfalls
Yes, absolutely
Yes, partially
No, the drop in sales was
significant higher than the
aid granted
We did not use the support
3%
22%
67%
8%
Measures for businesses to mitigate the impact of the corona
crisis
very good
sufficient
unsufficient
didn´t use the support
Figure 7. Assessment of state aid to compensate for the loss of the revenues of SMEs in the Slovak
Republic. Source: adjusted from data of SBA (2020c).
In the second survey, conducted in 2021, firms were asked to rate their assessment of
measures to mitigate the impact of the coronacrisis. The results are presented in
Figure 8.
More than two thirds of SMEs (67.1%) rate the current economic measures for entrepreneurs
aimed at mitigating the impacts of the coronacrisis as insufficient. Only 2.8% of en-
trepreneurs rate the measures as very good and more than a fifth (22.5%) as sufficient.
A total of 7.6% of SMEs did not make use of the support measures.
Economies 2024, 12, x FOR PEER REVIEW 13 of 27
(49%), the fall in turnover was significantly higher than the state aid received. The situa-
tion was worst for entrepreneurs in the restaurant and catering sector, where more than
half (65%) of the entrepreneurs experienced a fall in turnover significantly higher than the
state aid. For various reasons, almost a third (32%) of the enterprises surveyed had not yet
used state aid.
Figure 7. Assessment of state aid to compensate for the loss of the revenues of SMEs in the Slovak
Republic. Source: adjusted from data of SBA (2020c).
In the second survey, conducted in 2021, firms were asked to rate their assessment of
measures to mitigate the impact of the coronacrisis. The results are presented in Figure 8.
More than two thirds of SMEs (67.1%) rate the current economic measures for entrepre-
neurs aimed at mitigating the impacts of the coronacrisis as insufficient. Only 2.8% of en-
trepreneurs rate the measures as very good and more than a fifth (22.5%) as sufficient. A
total of 7.6% of SMEs did not make use of the support measures.
Figure 8. Assessment of measures for entrepreneurs in the Slovak Republic to mitigate the impact
of the coronacrisis. Source: adjusted from data of SBA (2021b).
Figure 9 shows which of the exceptional economic measures to mitigate the negative
effects of COVID-19 were most valued by the entrepreneurs. The most valued measure by
the entrepreneurs surveyed was the wage subsidy for employees (33.7%), and the second
most valued measure was the compensation for loss of income (11.8%). Conversely, the
least valued measures were bank guarantees (1.2%) and temporary protection from cred-
itors (0.3%). A total of 21.0% of SMEs mentioned the option ‘Other’ under economic
measures. The most common option mentioned by respondents in the ‘Other’ category
was ‘None of the above’. Contributions to employees’ salaries were most appreciated by
small entrepreneurs (35.3%), those operating in the accommodation and catering sector
1%
18%
49%
32%
Assessment of State aid to compensate for revenue shortfalls
Yes, absolutely
Yes, partially
No, the drop in sales was
significant higher than the
aid granted
We did not use the support
3%
22%
67%
8%
Measures for businesses to mitigate the impact of the corona
crisis
very good
sufficient
unsufficient
didn´t use the support
Figure 8. Assessment of measures for entrepreneurs in the Slovak Republic to mitigate the impact of
the coronacrisis. Source: adjusted from data of SBA (2021b).
Figure 9shows which of the exceptional economic measures to mitigate the negative
effects of COVID-19 were most valued by the entrepreneurs. The most valued measure
by the entrepreneurs surveyed was the wage subsidy for employees (33.7%), and the
second most valued measure was the compensation for loss of income (11.8%). Conversely,
the least valued measures were bank guarantees (1.2%) and temporary protection from
creditors (0.3%). A total of 21.0% of SMEs mentioned the option ‘Other’ under economic
measures. The most common option mentioned by respondents in the ‘Other’ category was

Economies 2024,12, 17 14 of 26
‘None of the above’. Contributions to employees’ salaries were most appreciated by small
entrepreneurs (35.3%), those operating in the accommodation and catering sector (43.2%),
those from the BanskáBystrica region (38.0%) or those operating for 3–5 years or 5–10
years (34.6%). Contributions to compensate for the loss of income were most appreciated
by entrepreneurs in the hotels and restaurants sector (18.9%), in the regions of Bratislava
and Trencin (15.3%), or those operating for 5 to 10 or more years (12.5%) or up to 29 years
(16.1%). Rent subsidies were most appreciated by entrepreneurs in the trade sector (14.6%),
aged up to 29 years (14.5%) or from the Žilina region (14.7%).
Economies 2024, 12, x FOR PEER REVIEW 14 of 27
(43.2%), those from the Banská Bystrica region (38.0%) or those operating for 3–5 years or
5–10 years (34.6%). Contributions to compensate for the loss of income were most appre-
ciated by entrepreneurs in the hotels and restaurants sector (18.9%), in the regions of Bra-
tislava and Trencin (15.3%), or those operating for 5 to 10 or more years (12.5%) or up to
29 years (16.1%). Rent subsidies were most appreciated by entrepreneurs in the trade sec-
tor (14.6%), aged up to 29 years (14.5%) or from the Žilina region (14.7%).
Deferral or total exemption from social contributions was most appreciated by small
entrepreneurs (6.5%), those in the transport and information sector (7.9%), those from the
Košice region (8.7%) or those who had been in business for less than 3 years (7.7%). The
deferral of loan and lease repayments was most appreciated by medium-sized entrepre-
neurs (8.0%), those from the construction sector (6.0%), those in the Banská Bystrica region
(6.5%) or those aged up to 29 years (16.1%). The extraordinary tax loss deduction was most
appreciated by small entrepreneurs (6.0%), those in the trade sector (5.7%), those from the
Banská Bystrica and Trnava regions (4.3%) or those aged 60 and over (8.8%). Specific
measures in the most affected sectors were most appreciated by entrepreneurs in the ac-
commodation and catering sector (8.1%) and agriculture (7.9%), from the Nitra region
(4.4%), or aged 6–9 years (3.8%). Bank guarantees (1.2%) and temporary protection from
creditors (0.3%) were considered less important measures in the fight against the crisis by
the entrepreneurs surveyed.
Figure 9. Assessment of the contribution of the exceptional economic measures to mitigate the neg-
ative impacts of COVID-19 on SMEs in the Slovak Republic. Source: adjusted from data of SBA (2021b).
The survey also looked at the impact of the coronacrisis on initiating or supporting
digitisation and its processes. The results are shown in the graph in Figure 10. For only
14.2% of SMEs, the coronacrisis had a fundamental impact on digitisation and related pro-
cesses, and for more than a third (36.6%) of entrepreneurs it had a minimal impact. For
42.4% of SMEs, the economic crisis did not trigger any digitisation-related processes. A
total of 60.8% of SMEs that have not digitised or have only digitised to a minimal extent
consider that the nature of their business does not require digitisation and related pro-
cesses. Digitisation was recorded mainly in the trade sector (60.7%), especially in Banská
Bystrica (54.3%) and in the Košice and Bratislava regions (both 54.1%). The expansion of
digitalisation was more pronounced among entrepreneurs who had been in business for
5 to 10 years (54.8%). The SMEs that did not digitise their processes in the context of the
economic crisis (42.4%) operate mainly in the transport, information (55.1%) and industry
(50.5%) sectors, are mainly in the Žilina (46.6%) and Trenčín (45.9%) regions, are more
0% 5% 10% 15% 20% 25% 30% 35%
Contributions to staff wages
Contributions to compensate for loss of income
Rent subsidies
Deferment or complete remission of social…
Deferment of loan and lease repayments
Extraordinary tax loss deduction
Specific measures in the most affected sectors
Bank guarantees
Temporary protection from creditors
others
I don´t know
33.70%
11.80%
10.20%
5.60%
4.80%
3.30%
2.50%
1.20%
0.30%
21%
5.60%
Positive benefits of exceptional economic measures
Figure 9. Assessment of the contribution of the exceptional economic measures to mitigate the
negative impacts of COVID-19 on SMEs in the Slovak Republic. Source: adjusted from data of
SBA (2021b).
Deferral or total exemption from social contributions was most appreciated by small
entrepreneurs (6.5%), those in the transport and information sector (7.9%), those from
the Košice region (8.7%) or those who had been in business for less than 3 years (7.7%).
The deferral of loan and lease repayments was most appreciated by medium-sized en-
trepreneurs (8.0%), those from the construction sector (6.0%), those in the BanskáBystrica
region (6.5%) or those aged up to 29 years (16.1%). The extraordinary tax loss deduction
was most appreciated by small entrepreneurs (6.0%), those in the trade sector (5.7%), those
from the BanskáBystrica and Trnava regions (4.3%) or those aged 60 and over (8.8%).
Specific measures in the most affected sectors were most appreciated by entrepreneurs in
the accommodation and catering sector (8.1%) and agriculture (7.9%), from the Nitra region
(4.4%), or aged 6–9 years (3.8%). Bank guarantees (1.2%) and temporary protection from
creditors (0.3%) were considered less important measures in the fight against the crisis by
the entrepreneurs surveyed.
The survey also looked at the impact of the coronacrisis on initiating or supporting
digitisation and its processes. The results are shown in the graph in Figure 10. For only
14.2% of SMEs, the coronacrisis had a fundamental impact on digitisation and related
processes, and for more than a third (36.6%) of entrepreneurs it had a minimal impact.
For 42.4% of SMEs, the economic crisis did not trigger any digitisation-related processes.
A total of 60.8% of SMEs that have not digitised or have only digitised to a minimal
extent consider that the nature of their business does not require digitisation and related
processes. Digitisation was recorded mainly in the trade sector (60.7%), especially in Banská

Economies 2024,12, 17 15 of 26
Bystrica (54.3%) and in the Košice and Bratislava regions (both 54.1%). The expansion of
digitalisation was more pronounced among entrepreneurs who had been in business for
5 to 10 years (54.8%). The SMEs that did not digitise their processes in the context of the
economic crisis (42.4%) operate mainly in the transport, information (55.1%) and industry
(50.5%) sectors, are mainly in the Žilina (46.6%) and Trenˇcín (45.9%) regions, are more likely
to have been in business for less than 3 years (46.7%), and are younger than 29 years of
age (45.2%).
Economies 2024, 12, x FOR PEER REVIEW 15 of 27
likely to have been in business for less than 3 years (46.7%), and are younger than 29 years
of age (45.2%).
Figure 10. Impact of the coronacrisis on the promotion of digitalisation in SMEs in the Slovak Re-
public. Source: adjusted from data of SBA (2021b).
The results of the survey on barriers to the digitisation of business processes are
shown in Figure 11. High costs are perceived as a barrier by a fifth of SMEs (20.0%), while
the time required is perceived as a barrier by 16.3% of respondents. A tenth (10.3%) of
entrepreneurs consider that their employees do not have the necessary digital skills and
therefore have not started to digitise more fundamentally. The fewest (4.2%) see legisla-
tion as an obstacle.
Figure 11. Barriers to the digitalization of processes in SMEs in the Slovak Republic. Source: adjusted
from data of SBA (2021b).
4.4. The Results of the Survey on the Opinions of Entrepreneurs in the Czech Republic
The survey was conducted after almost a year of the pandemic, and as expected, at
least 2/3 of SMEs were negatively affected. An assessment of the impact of the COVID-19
pandemic on the business of SMEs in the Czech Republic from the perspective of entre-
preneurs is shown in the graphs in Figures 12 and 13.
14%
37%
42%
7%
Digitisation of processes in relation to coronacrisis
yes, substantially
yes, but only in minimum
rate
no
I don´t know
0% 20% 40% 60% 80%
high costs
missing skills of employees
high time demand
legal barriers
nature of business doesn´t require it
other
I don´t know
20%
10.30%
16.30%
4.20%
60.80%
8.90%
7.30%
Barriers to digitization
Figure 10. Impact of the coronacrisis on the promotion of digitalisation in SMEs in the Slovak
Republic. Source: adjusted from data of SBA (2021b).
The results of the survey on barriers to the digitisation of business processes are shown
in Figure 11. High costs are perceived as a barrier by a fifth of SMEs (20.0%), while the time
required is perceived as a barrier by 16.3% of respondents. A tenth (10.3%) of entrepreneurs
consider that their employees do not have the necessary digital skills and therefore have
not started to digitise more fundamentally. The fewest (4.2%) see legislation as an obstacle.
Economies 2024, 12, x FOR PEER REVIEW 15 of 27
likely to have been in business for less than 3 years (46.7%), and are younger than 29 years
of age (45.2%).
Figure 10. Impact of the coronacrisis on the promotion of digitalisation in SMEs in the Slovak Re-
public. Source: adjusted from data of SBA (2021b).
The results of the survey on barriers to the digitisation of business processes are
shown in Figure 11. High costs are perceived as a barrier by a fifth of SMEs (20.0%), while
the time required is perceived as a barrier by 16.3% of respondents. A tenth (10.3%) of
entrepreneurs consider that their employees do not have the necessary digital skills and
therefore have not started to digitise more fundamentally. The fewest (4.2%) see legisla-
tion as an obstacle.
Figure 11. Barriers to the digitalization of processes in SMEs in the Slovak Republic. Source: adjusted
from data of SBA (2021b).
4.4. The Results of the Survey on the Opinions of Entrepreneurs in the Czech Republic
The survey was conducted after almost a year of the pandemic, and as expected, at
least 2/3 of SMEs were negatively affected. An assessment of the impact of the COVID-19
pandemic on the business of SMEs in the Czech Republic from the perspective of entre-
preneurs is shown in the graphs in Figures 12 and 13.
14%
37%
42%
7%
Digitisation of processes in relation to coronacrisis
yes, substantially
yes, but only in minimum
rate
no
I don´t know
0% 20% 40% 60% 80%
high costs
missing skills of employees
high time demand
legal barriers
nature of business doesn´t require it
other
I don´t know
20%
10.30%
16.30%
4.20%
60.80%
8.90%
7.30%
Barriers to digitization
Figure 11. Barriers to the digitalization of processes in SMEs in the Slovak Republic. Source: adjusted
from data of SBA (2021b).
4.4. The Results of the Survey on the Opinions of Entrepreneurs in the Czech Republic
The survey was conducted after almost a year of the pandemic, and as expected, at
least 2/3 of SMEs were negatively affected. An assessment of the impact of the COVID-
19 pandemic on the business of SMEs in the Czech Republic from the perspective of
entrepreneurs is shown in the graphs in Figures 12 and 13.

Economies 2024,12, 17 16 of 26
Economies 2024, 12, x FOR PEER REVIEW 16 of 27
Figure 12. Impact of the pandemic situation on the business of SMEs in the Czech Republic.
Source: adjusted from data of IPSOS (2021).
The results in Figure 12 show that two out of three SMEs were negatively affected by
the COVID-19 pandemic (67%). For 25% of respondents there was no impact on business
change. A total of 8% of enterprises reported that the COVID-19 situation had helped
them, often through increased sales through online channels. Most of the companies that
were not affected by COVID-19 are simply in sectors that were not affected by the pan-
demic. For the time being, these include the construction industry, which is doing well
thanks to long-term contracts, and the food industry. Sales are also increasing in the hy-
giene, drugstore, cleaning and disinfectant sectors, etc.
The second question asked for the specific negative effects of the COVID-19 pan-
demic on the situation in SMEs. The results are presented in Figure 13. In addition to the
difficulties associated with a reduction in activity (23% of respondents), companies were
mainly faced with a reduction in orders (32%). Manufacturing and industry were most
affected. These tend to be more complex, and at a time when the market situation cannot
be read in a European or global context, business partners are not making strategic deci-
sions about new orders, projects or new suppliers. Realistically, part of the industry, even
abroad, is paralysed from this point of view. This has, of course, led to a fall in sales, as
reported by 17% of respondents. Consumption has also fallen, with 18% of respondents
reporting a loss of customers.
Figure 13. Negative impacts of the COVID-19 pandemic in the SMEs in the CR. Source: adjusted from
data of IPSOS (2021).
SMEs relied significantly more on themselves than on government support, which is
typical of the SME segment. An overview of the measures implemented by entrepreneurs
25%
42%
25%
6% 2%
Impact of the pandemic situation on the business
significantly hurmed
rather, it hurt
no impact
rather, it helped
significantly helped
0% 5% 10% 15% 20% 25% 30% 35%
Decrease in orders
Restricted, interrupted business activities
decrease in customers
decrease in turnover
staff shortages
decline in interest in products
other
32%
23%
18%
17%
12%
11%
21%
Negative impacts of the Covid-19 pandemic
Figure 12. Impact of the pandemic situation on the business of SMEs in the Czech Republic. Source:
adjusted from data of IPSOS (2021).
Economies 2024, 12, x FOR PEER REVIEW 16 of 27
Figure 12. Impact of the pandemic situation on the business of SMEs in the Czech Republic.
Source: adjusted from data of IPSOS (2021).
The results in Figure 12 show that two out of three SMEs were negatively affected by
the COVID-19 pandemic (67%). For 25% of respondents there was no impact on business
change. A total of 8% of enterprises reported that the COVID-19 situation had helped
them, often through increased sales through online channels. Most of the companies that
were not affected by COVID-19 are simply in sectors that were not affected by the pan-
demic. For the time being, these include the construction industry, which is doing well
thanks to long-term contracts, and the food industry. Sales are also increasing in the hy-
giene, drugstore, cleaning and disinfectant sectors, etc.
The second question asked for the specific negative effects of the COVID-19 pan-
demic on the situation in SMEs. The results are presented in Figure 13. In addition to the
difficulties associated with a reduction in activity (23% of respondents), companies were
mainly faced with a reduction in orders (32%). Manufacturing and industry were most
affected. These tend to be more complex, and at a time when the market situation cannot
be read in a European or global context, business partners are not making strategic deci-
sions about new orders, projects or new suppliers. Realistically, part of the industry, even
abroad, is paralysed from this point of view. This has, of course, led to a fall in sales, as
reported by 17% of respondents. Consumption has also fallen, with 18% of respondents
reporting a loss of customers.
Figure 13. Negative impacts of the COVID-19 pandemic in the SMEs in the CR. Source: adjusted from
data of IPSOS (2021).
SMEs relied significantly more on themselves than on government support, which is
typical of the SME segment. An overview of the measures implemented by entrepreneurs
25%
42%
25%
6% 2%
Impact of the pandemic situation on the business
significantly hurmed
rather, it hurt
no impact
rather, it helped
significantly helped
0% 5% 10% 15% 20% 25% 30% 35%
Decrease in orders
Restricted, interrupted business activities
decrease in customers
decrease in turnover
staff shortages
decline in interest in products
other
32%
23%
18%
17%
12%
11%
21%
Negative impacts of the Covid-19 pandemic
Figure 13. Negative impacts of the COVID-19 pandemic in the SMEs in the CR. Source: adjusted
from data of IPSOS (2021).
The results in Figure 12 show that two out of three SMEs were negatively affected by
the COVID-19 pandemic (67%). For 25% of respondents there was no impact on business
change. A total of 8% of enterprises reported that the COVID-19 situation had helped them,
often through increased sales through online channels. Most of the companies that were
not affected by COVID-19 are simply in sectors that were not affected by the pandemic.
For the time being, these include the construction industry, which is doing well thanks
to long-term contracts, and the food industry. Sales are also increasing in the hygiene,
drugstore, cleaning and disinfectant sectors, etc.
The second question asked for the specific negative effects of the COVID-19 pandemic
on the situation in SMEs. The results are presented in Figure 13. In addition to the
difficulties associated with a reduction in activity (23% of respondents), companies were
mainly faced with a reduction in orders (32%). Manufacturing and industry were most
affected. These tend to be more complex, and at a time when the market situation cannot be
read in a European or global context, business partners are not making strategic decisions
about new orders, projects or new suppliers. Realistically, part of the industry, even abroad,
is paralysed from this point of view. This has, of course, led to a fall in sales, as reported by
17% of respondents. Consumption has also fallen, with 18% of respondents reporting a loss
of customers.
SMEs relied significantly more on themselves than on government support, which is
typical of the SME segment. An overview of the measures implemented by entrepreneurs

Economies 2024,12, 17 17 of 26
in connection with the COVID-19 pandemic is given in Figure 14. The results in Figure 14
show that 32% of the enterprises affected by the COVID-19 situation had to dip into their
financial reserves and almost a third of them (29%) postponed their investments, which
significantly slowed down their development. Government support was used by 15% of
the sample. On the positive side, firms have shown a wide range of creativity in order to
save their existence. A change in business strategy was implemented by 18% of enterprises,
18% of enterprises expanded the production of products and 17% of respondents changed
their distribution channels. Measures that have had a negative impact on economic results
include cancelling orders and limiting product ranges for 18% of respondents.
Economies 2024, 12, x FOR PEER REVIEW 17 of 27
in connection with the COVID-19 pandemic is given in Figure 14. The results in Figure 14
show that 32% of the enterprises affected by the COVID-19 situation had to dip into their
financial reserves and almost a third of them (29%) postponed their investments, which
significantly slowed down their development. Government support was used by 15% of
the sample. On the positive side, firms have shown a wide range of creativity in order to
save their existence. A change in business strategy was implemented by 18% of enter-
prises, 18% of enterprises expanded the production of products and 17% of respondents
changed their distribution channels. Measures that have had a negative impact on eco-
nomic results include cancelling orders and limiting product ranges for 18% of respond-
ents.
In the context of the pandemic situation, enterprises have been very flexible in their
response to employees and have tried to find ways to operate in a limited mode. On the
positive side, companies have ‘discovered’, for example, the home-office (24%), although
it is more complicated to run the business. A total of 12% of companies have also been
forced to make redundancies, although this figure may seem surprisingly small. A total
of 13% of companies have reduced wages and working hours and 10% have reduced ben-
efits.
Figure 14. Measures implemented by the MSP of the Czech Republic during the COVID-19 pan-
demic. Source: adjusted from data of IPSOS (2021).
The survey also looked at the forms of government support received by SMEs. The
results are presented in Figure 15. It is interesting to note that up to 40% of SMEs have not
used any state aid scheme. The most commonly used schemes were the compensatory
allowance (29%) and the antivirus programme (21%). For sole proprietors (SMEs), the
0% 5% 10% 15% 20% 25% 30% 35%
Use of financial reserves
Postponement of investments
Change of business strategy
Use of state aid
Reduction of working hours and wages
reduce in inventories
Dismissal of employees
Expanding the range of products
Strengthening certain distribution channels
Restrictions on product offerings
Reduction of employee benefits
Cancellation of orders
Use of loans
Introduction of new distribution channels
Increase in investments
Cancellation of certain distribution channels
None of these
32%
29%
18%
15%
13%
12%
12%
11%
11%
10%
10%
8%
5%
3%
3%
2%
28%
Measures taken by the SME of the Czech Republic to cope with the
period of the Covid-19 pandemic
Figure 14. Measures implemented by the MSP of the Czech Republic during the COVID-19 pandemic.
Source: adjusted from data of IPSOS (2021).
In the context of the pandemic situation, enterprises have been very flexible in their
response to employees and have tried to find ways to operate in a limited mode. On the
positive side, companies have ‘discovered’, for example, the home-office (24%), although it
is more complicated to run the business. A total of 12% of companies have also been forced
to make redundancies, although this figure may seem surprisingly small. A total of 13% of
companies have reduced wages and working hours and 10% have reduced benefits.
The survey also looked at the forms of government support received by SMEs. The
results are presented in Figure 15. It is interesting to note that up to 40% of SMEs have
not used any state aid scheme. The most commonly used schemes were the compensatory
allowance (29%) and the antivirus programme (21%). For sole proprietors (SMEs), the most
used scheme is the compensation bonus, in combination with the antivirus programme for
the employees of sole proprietors and in combination with rent, although this is reflected

Economies 2024,12, 17 18 of 26
rather sporadically in this sample. As far as companies are concerned, the antivirus pro-
gramme was a common instrument of support, despite reservations about its establishment.
The main problem was its instability, since it was approved 1–2 months in advance, which
is somewhat removed from the reality of strategic decisions—the possible dismissal of an
employee alone is a decision that affects the cash flow of the company for almost half a
year. Credit support (COVID-19 loan programmes through the CMZRB) is surprisingly
little represented in the sample, with only 4% of enterprises having used it.
Economies 2024, 12, x FOR PEER REVIEW 18 of 27
most used scheme is the compensation bonus, in combination with the antivirus pro-
gramme for the employees of sole proprietors and in combination with rent, although this
is reflected rather sporadically in this sample. As far as companies are concerned, the an-
tivirus programme was a common instrument of support, despite reservations about its
establishment. The main problem was its instability, since it was approved 1–2 months in
advance, which is somewhat removed from the reality of strategic decisions—the possible
dismissal of an employee alone is a decision that affects the cash flow of the company for
almost half a year. Credit support (COVID-19 loan programmes through the CMZRB) is
surprisingly lile represented in the sample, with only 4% of enterprises having used it.
Figure 15. Forms of state aid used in SMEs in the Czech Republic. Source: adjusted from data of IPSOS
(2021).
In view of the measures taken to cope with the coronacrisis and the possibility of
using state aid, the survey also asked enterprises to comment on the expected develop-
ment of turnover until the end of 2021. The results of the survey are shown in Figure 16.
It shows that 33% of enterprises expect their turnover to decrease, but on the contrary,
almost the same proportion, 29%, expect their turnover to grow in 2021. A third group of
companies, with a share of 38%, expect no change in turnover. There is greater pessimism
among those affected by the COVID-19 pandemic, with up to 41% of this group expecting
a decline in turnover and only 23% expecting turnover to grow. More than half of enter-
prises (56%) expect it to take more than a year to recover from the effects of the pandemic.
0% 10% 20% 30% 40%
Compensation bonus
Program Antivirus
Nursing allowance for self-…
Covid Loan Programmes I-III
Covid - Rent
Covid - Spa
Covid - Sport
Covid - Acommodation
Covid Gastro - closed premises
Other
None
29%
21%
4%
4%
5%
0%
0%
1%
1%
11%
40%
Used forms of state aid in SMEs in the Czech Republic
15%
18%
37%
27%
3%
Expected development of turnover by the end of 2021
significant decrease
moderate decrease
stagnation
moderate increase
significant increase
Figure 15. Forms of state aid used in SMEs in the Czech Republic. Source: adjusted from data of
IPSOS (2021).
In view of the measures taken to cope with the coronacrisis and the possibility of using
state aid, the survey also asked enterprises to comment on the expected development of
turnover until the end of 2021. The results of the survey are shown in Figure 16. It shows
that 33% of enterprises expect their turnover to decrease, but on the contrary, almost the
same proportion, 29%, expect their turnover to grow in 2021. A third group of companies,
with a share of 38%, expect no change in turnover. There is greater pessimism among those
affected by the COVID-19 pandemic, with up to 41% of this group expecting a decline in
turnover and only 23% expecting turnover to grow. More than half of enterprises (56%)
expect it to take more than a year to recover from the effects of the pandemic.
Economies 2024, 12, x FOR PEER REVIEW 18 of 27
most used scheme is the compensation bonus, in combination with the antivirus pro-
gramme for the employees of sole proprietors and in combination with rent, although this
is reflected rather sporadically in this sample. As far as companies are concerned, the an-
tivirus programme was a common instrument of support, despite reservations about its
establishment. The main problem was its instability, since it was approved 1–2 months in
advance, which is somewhat removed from the reality of strategic decisions—the possible
dismissal of an employee alone is a decision that affects the cash flow of the company for
almost half a year. Credit support (COVID-19 loan programmes through the CMZRB) is
surprisingly lile represented in the sample, with only 4% of enterprises having used it.
Figure 15. Forms of state aid used in SMEs in the Czech Republic. Source: adjusted from data of IPSOS
(2021).
In view of the measures taken to cope with the coronacrisis and the possibility of
using state aid, the survey also asked enterprises to comment on the expected develop-
ment of turnover until the end of 2021. The results of the survey are shown in Figure 16.
It shows that 33% of enterprises expect their turnover to decrease, but on the contrary,
almost the same proportion, 29%, expect their turnover to grow in 2021. A third group of
companies, with a share of 38%, expect no change in turnover. There is greater pessimism
among those affected by the COVID-19 pandemic, with up to 41% of this group expecting
a decline in turnover and only 23% expecting turnover to grow. More than half of enter-
prises (56%) expect it to take more than a year to recover from the effects of the pandemic.
0% 10% 20% 30% 40%
Compensation bonus
Program Antivirus
Nursing allowance for self-…
Covid Loan Programmes I-III
Covid - Rent
Covid - Spa
Covid - Sport
Covid - Acommodation
Covid Gastro - closed premises
Other
None
29%
21%
4%
4%
5%
0%
0%
1%
1%
11%
40%
Used forms of state aid in SMEs in the Czech Republic
15%
18%
37%
27%
3%
Expected development of turnover by the end of 2021
significant decrease
moderate decrease
stagnation
moderate increase
significant increase
Figure 16. Turnover outlook for SMEs in the Czech Republic by the end of 2021. Source: adjusted
from data of IPSOS (2021).

Economies 2024,12, 17 19 of 26
The survey also looked at how the pandemic situation affected the digitalisation
process in SMEs. The COVID-19 situation clearly accelerated the use of communication
platforms such as Zoom, Teams, Webex and Google Meetapod. It has also accelerated the
online version of certain services and products in the education and consumer market. On
the other hand, the survey shows that companies have been working with digitalisation
for a long time and that the pace of digitalisation in manufacturing, for example, is not
directly dependent on unexpected external factors. For services, the explanation is that
they had already achieved a relatively high level of digitisation before the e-business era.
The results of the responses shown in Figure 17 indicate that three out of ten enterprises
have accelerated the digitisation process due to the impact of COVID-19. A total of 2/3 of
the enterprises stated that the crisis did not affect the digitisation process and only 4% of
the enterprises were slowed down by the crisis.
Economies 2024, 12, x FOR PEER REVIEW 19 of 27
Figure 16. Turnover outlook for SMEs in the Czech Republic by the end of 2021. Source: adjusted from
data of IPSOS (2021).
The survey also looked at how the pandemic situation affected the digitalisation pro-
cess in SMEs. The COVID-19 situation clearly accelerated the use of communication plat-
forms such as Zoom, Teams, Webex and Google Meetapod. It has also accelerated the
online version of certain services and products in the education and consumer market. On
the other hand, the survey shows that companies have been working with digitalisation
for a long time and that the pace of digitalisation in manufacturing, for example, is not
directly dependent on unexpected external factors. For services, the explanation is that
they had already achieved a relatively high level of digitisation before the e-business era.
The results of the responses shown in Figure 17 indicate that three out of ten enterprises
have accelerated the digitisation process due to the impact of COVID-19. A total of 2/3 of
the enterprises stated that the crisis did not affect the digitisation process and only 4% of
the enterprises were slowed down by the crisis.
Figure 17. Impact of the COVID-19 pandemic on digitalization processes in SMEs in the Czech Re-
public. Source: adjusted from data of IPSOS (2021).
Unsurprisingly, the push for digital has increased in every category surveyed with-
out exception. New technologies have helped many to avoid being left behind. It is inter-
esting to note the difference in perceived pressure to digitise between sole traders and
businesses (36 vs. 61%). One explanation could be the greater interactivity with the envi-
ronment, which is of course due to the higher capacity of larger units. We expect at least
the online communication platforms (Teams, Webex, Zoom, etc.) to remain, as they are
fast, cheap, flexible and very effective in many situations.
At the end of the survey, respondents were given the opportunity to add their own
comments on coping with the COVID-19 period. Savings, high fixed costs, limited invest-
ment in development and changes to currently established business models were the most
common comments from companies. This is a very difficult period that will ultimately
have some negative consequences, but may also mark a change for the beer for many
companies. This change may appear at least in terms of a reordering of priorities, perhaps
with a focus on previously neglected segments of potential customers, but perhaps also
in a form of patriotism as companies rediscover local suppliers rather than Asian ones.
4.5. The Comprehensive Comparison of the Results of the Slovak Republic and the Czech Republic
The Status and development of the number of SMEs
The share of SMEs in the total number of business entities is identical in the Slovak
Republic and the Czech Republic. The share of SMEs in the national value added (56%) is
8%
21%
67%
2% 2%
The impact of the Covid-19 pandemic on digitalization
processes
definitely accelerated
digitization
rather, it accelerated
digitization
no impact on digitization
rather, digitization has
slowed down
definitely digitization has
slowed down
Figure 17. Impact of the COVID-19 pandemic on digitalization processes in SMEs in the Czech
Republic. Source: adjusted from data of IPSOS (2021).
Unsurprisingly, the push for digital has increased in every category surveyed without
exception. New technologies have helped many to avoid being left behind. It is interesting
to note the difference in perceived pressure to digitise between sole traders and businesses
(36 vs. 61%). One explanation could be the greater interactivity with the environment,
which is of course due to the higher capacity of larger units. We expect at least the online
communication platforms (Teams, Webex, Zoom, etc.) to remain, as they are fast, cheap,
flexible and very effective in many situations.
At the end of the survey, respondents were given the opportunity to add their own
comments on coping with the COVID-19 period. Savings, high fixed costs, limited invest-
ment in development and changes to currently established business models were the most
common comments from companies. This is a very difficult period that will ultimately
have some negative consequences, but may also mark a change for the better for many
companies. This change may appear at least in terms of a reordering of priorities, perhaps
with a focus on previously neglected segments of potential customers, but perhaps also in
a form of patriotism as companies rediscover local suppliers rather than Asian ones.
4.5. The Comprehensive Comparison of the Results of the Slovak Republic and the Czech Republic
The Status and development of the number of SMEs
The share of SMEs in the total number of business entities is identical in the Slovak
Republic and the Czech Republic. The share of SMEs in the national value added (56%)
is also the same and the same trend in the number of SMEs can be observed. In both
countries, more enterprises were created than disappeared during the years of the COVID-
19 pandemic. As a result, the total number of enterprises increased over time.

Economies 2024,12, 17 20 of 26
The Negative effects of coronacrisis
The direct survey of entrepreneurs’ opinions shows that the negative impact of the
coronacrisis was felt by many more SMEs in the Slovak Republic than in the Czech Republic
(94.7% vs. 66%). While in Slovakia 72% of the enterprises felt a significant negative impact,
in the Czech Republic it was only 25%. A total of 5% of Slovak SMEs and up to 25% of
Czech SMEs did not experience any negative effects, while a further 8% of enterprises
were even helped by the crisis. Specifically, the negative impact of the crisis on Czech
entrepreneurs was manifested in a decrease in orders and business interruption, which led
to a decrease in turnover for 17% of Czech enterprises and up to 94% of Slovak SMEs.
Turnover development
The survey in the Slovak Republic did not assess specific negative effects, but the
development of turnover during the individual waves of the crisis was evaluated, where
1/3 of the enterprises recorded and expected a decrease in turnover of more than 80% by
the end of the year, and almost 2/3 of the enterprises also experienced a decrease. Only 3%
of enterprises in the Slovak Republic recorded an increase in turnover, which is significantly
lower than in the Czech Republic, where up to 1/3 of enterprises expect an increase in
turnover and a further 37% of enterprises expect turnover to stagnate.
Measures taken by enterprises to cope with the coronacrisis
Adapting the business to new market needs is the measure most frequently mentioned
by Slovak SMEs (42%), while Czech entrepreneurs commented on more specific measures
in this area, such as adapting distribution channels, expanding or limiting the offer and
changing the business strategy, which was mentioned by a total of 55% of entrepreneurs.
The use of financial savings from the past is more common in the Slovak Republic than
in the Czech Republic (41.6% compared to 32%). Restrictive measures with regard to
employees, such as lay-offs and the reduction of working time, and thus of wages, are
applied almost twice as often in Slovak SMEs as in Czech SMEs (45.6% vs. 25%). Taking
out new loans to finance business operations or requesting a deferral of the repayment of
existing loans are measures taken by 19% of Slovak SMEs, while in the Czech Republic
only 5% of enterprises mentioned the possibility of taking out loans.
The Forms of State aid granted and used
The forms of state aid approved by the governments to support SMEs are comparable
in Slovakia and the Czech Republic with one difference: unlike in Slovakia, the government
of the Czech government has also introduced special three loan funds for SMEs. Direct
subsidies to cover fixed costs and VAT reduction were the most preferred measures that
97% of Slovak entrepreneurs would welcome from the government, but these measures
were not adopted by the Slovak government. Regarding the use of the available forms
of state support, most Slovak entrepreneurs consider the support measures insufficient
(half of the enterprises in 2020 and up to 2/3 of the enterprises at the end of the COVID-19
pandemic period). While 1/3 of Slovak enterprises did not use state support in 2020, only
8% did in 2021. In the Czech Republic, the share of SMEs that did not use state support
was much higher, at 40%. The most used and valued were the contributions to staff salaries
and compensation for loss of income. These forms of support were used by 45% of Slovak
SMEs and 50% of Czech enterprises. Rent subsidies (5%) were used equally by Slovak and
Czech entrepreneurs.
The impact of the coronacrisis on the digitization processes of SMEs
In the area of support for the digitalization of SMEs, the COVID-19 pandemic had
a positive impact on SMEs in both the Slovak Republic and the Czech Republic, while
the effect on the acceleration of digitalization processes was more pronounced in Czech
enterprises than in Slovak ones (23% vs. 14%). In up to 2/3 of Czech SMEs, and in only
42% of Slovak enterprises, the crisis had no impact on digitalisation processes.

Economies 2024,12, 17 21 of 26
5. Discussion
Already in the period before the pandemic, at the end of 2019, there was a decline
in global demand, which was exacerbated by the pandemic measures in place. In the
case of Slovakia and the Czech Republic, there was a decline in industrial production
and further extensive restrictions in services and other sectors, and the overall situation
led to a reduction in consumption, followed by a decline in production, which will be
reflected in a decline in GDP in 2020. Sharp falls in demand and production due to
blockades and supply chain disruptions led to the sharpest contraction in activity on record
in 2020. Factories remained operational and were supported by strong export demand
and restocking. Overall, the impact of the pandemic in 2020 was milder than the euro
area average and smaller than initially expected. Restrictions also led to the suspension
of more than 3000 transactions in early 2020. (Beˇcka 2020). After a slowdown in the first
quarter, economic growth picks up in the second quarter of 2021, supported by the easing
of measures and a gradual recovery in economic activity, especially in the services sector.
The fiscal support will be partly offset by grants from the EU’s Recovery and Resilience
Facility, which could reach EUR 6.3 bn over the period 2021–2026 (OECD 2020).
The negative impact of the crisis on the economies in 2020 and 2021 is also reflected in
the evolution of the economic performance of the SME sector. In 2020, the growth trend
of all major SME economic indicators is interrupted. The quarantine measures during the
COVID-19 pandemic had a significant impact on SMEs, which had problems with cash
flow and maintaining employment. During the 2020 and 2021 pandemics, staff retention
was a particular problem for hotels and restaurants. The construction and industrial sectors
were among the other sectors with significant employment losses. The only sector of the
economy where labour demand increased was information and communication services.
As a result of the measures taken, the owners of retail businesses were also forced to
partially or completely downsize, leading to a significant decline in retail sales, which fell
more in 2020 than in 2019. Based on the results presented, it can be concluded that profit is
the indicator most affected by the impact of the pandemic. Similarly to gross output and
value added, the profit of SMEs in the SR experienced the largest decline in 2020. Compared
to the previous year, only medium-sized enterprises reported higher profits in 2021, while
micro and small enterprises in the SR experienced a more pronounced decline in profits
than in 2020. The results of the primary research showed that the negative impact of the
crisis on economic results, especially on sales, was felt more by Slovak entrepreneurs than
by Czech ones. A larger share of Czech entrepreneurs expected an increase or maintenance
of the level of turnover, while in Slovak SMEs a decrease in turnover prevails. The negative
impact of the pandemic crisis on financial indicators was also pointed out by Du et al.
(2023); Iancu et al. (2022) and Langworthy and Warnecke (2021).
The impact of the pandemic was also felt in business innovation activities. Small and
medium-sized enterprises reassessed their planned innovation activities or suspended them
altogether (SBA 2021b;IPSOS 2021). Even in 2021, enterprises did not have sufficient scope
for a significant improvement in investment activity. This is because a stronger upturn in
investment activity was hampered by input shortages (especially in industrial production,
as a supply shock), but also by rapidly rising input prices, mainly due to the opening of
the economy and the easing of anti-pandemic measures. A significant part of the services
sector was closed. Consumption became more goods-oriented, leading to stronger growth
in global demand for consumer goods and affecting the availability of some components
and materials (SBA 2021a). According to the results of the presented primary research, the
measures taken by Slovak and Czech SMEs to cope with the crisis were about the same
proportion of positive and creative measures (about 50%), i.e., adapting the way of doing
business and offering products to market changes and using financial savings for business
operations and investments. Chomicki and Mierzejewska (2020); Thukral (2021) and Yaya
et al. (2022) in their studies also pointed to the need to apply strategies oriented towards
innovation, agility and creativity. Different results in the presented primary surveys were
found in the use of restrictive measures towards employees, where almost twice as many

Economies 2024,12, 17 22 of 26
Slovak as Czech entrepreneurs reduced the costs of employees either by dismissing them
or by reducing working hours and wages.
In contrast to 2020, when the coronacrisis broke out, SMEs were already better able
to cope with the negative effects of the pandemic in 2021, which was reflected in an
increase in the number of active SMEs in Slovakia and the Czech Republic. The increase
in SME activity was also driven by a number of government support measures, which
were comparable in scope and intensity in both Slovakia and the Czech Republic. In the
overview of measures taken by governments in 54 countries according to the OECD report
(2020), the governments of Slovakia and the Czech Republic used only three of all of the
forms of aid mentioned. Both Czech and Slovak entrepreneurs made the most use of and
valued compensation for the loss of earnings in the form of subsidies and sickness benefits
for the self-employed and subsidies for employees. The results differed with regard to
the intensity of the use of state aid, where twice as many Czech entrepreneurs as Slovak
entrepreneurs did not use any state aid. Satisfaction with the adequacy of state support
measures was very low among Slovak SMEs. The inadequacy of government measures
was also pointed out by Nicola et al. (2020); Goel et al. (2021) and Al-Fadly (2020) in their
research. The acceleration or initiation of digitisation processes in SMEs as a result of the
economic crisis, which was much more pronounced in Czech SMEs than in Slovak SMEs,
has a positive impact on the transformation of the companies’ business.
Based on the publications, secondary research results and primary surveys, the main
changes in the business of SMEs due to the coronacrisis can be summarized as follows:
•
Economic downturn: SMEs were severely affected by business closures, travel restric-
tions and reduced demand for many goods and services.
•
Financial problems: Limited access to finance and the liquidity crisis made it difficult
for SMEs to obtain financial support to cover costs, especially when their revenues
were falling.
•
Changes in the working environment: Enterprises have had to adapt their work-
ing environment, often moving to homeworking, which has required investment in
technology and new working practices.
•
Demand and changes in consumer behaviour: Some sectors have benefited (e.g.,
online retail), while others (e.g., restaurants, tourism) have suffered a significant drop
in demand.
•
Regulatory changes: SMEs had to adapt to new regulations and safety guidelines,
which often meant additional costs for compliance with hygiene standards and
safety measures.
•
Digital transformation: The pandemic has forced many SMEs to move quickly to
online payments, e-commerce and other digital solutions to remain competitive.
•
Supply chain changes: Travel restrictions and border closures have caused problems
in supply chains, affecting the availability of raw materials and goods.
•
Employment: many SMEs have had to reduce staff, cut working hours or close
altogether, affecting employment in a range of sectors.
6. Conclusions
The COVID-19 pandemic emergency has triggered specific needs for structural change
in both businesses and institutions. In the context of the pandemic, it also appears that the
country’s technological readiness and related digital transformation may be key in the short
term. On the other hand, the deteriorating investment climate may slow down the necessary
structural changes. One of the most vulnerable and hardest hit groups of companies are
SMEs, which in some cases have been existentially affected by the anti-pandemic measures.
The impact of the coronavirus has also been reflected in the economic performance of the
SME sector. The lack of demand, low liquidity, non-negligible fixed costs and resulting
financial problems have been a burden for many of them due to the coronavirus crisis. In
order to mitigate the negative financial effects of the crisis, governments have adopted a
number of support measures for SMEs. However, according to a survey of the views of

Economies 2024,12, 17 23 of 26
entrepreneurs, the majority of SMEs in the Slovak Republic did not consider the state aid
to be sufficient and a fifth of entrepreneurs did not make use of it. In the Czech Republic,
up to 40%
of entrepreneurs did not make use of state support and there was also little
interest in the new loan funds, as small entrepreneurs were wary of taking on more debt in
the uncertain period of the crisis.
At the same time, in the context of the EU’s objectives for the coming decades, it is
crucial to support the transition not only to a digital but also to a sustainable economy
by increasing the number of SMEs using digital technologies as well as the number of
SMEs adopting sustainable business practices and models while maintaining their com-
petitiveness. In line with EU objectives, SMEs thus make an important contribution to a
resource-efficient and climate-neutral economy with a flexible approach to digitalisation.
The pandemic has forced SMEs to adapt and look for new ways to operate and stay in
business. Some businesses have been able to adapt flexibly to the new conditions and even
increase their competitiveness, while others are still struggling to recover and adapt to the
new business environment. Changes in consumer behaviour and competition have meant
that SMEs have had to adapt their offerings and strategies to meet the growing demand for
digital and online services, as well as for environmentally and socially responsible products
and services.
The financial crisis has shown that the need to learn and adapt is essential for survival.
The increase in the number of SMEs, the increase in production and value added in SMEs
in the Slovak Republic and the Czech Republic in 2021 indicate the ability of SMEs in the
Slovak Republic to adapt to change. Business agility, as the need to adapt to new conditions,
to react quickly and flexibly, or to focus on creating value for the customer, is in demand in
various sectors. While a small organisation is often naturally agile, larger medium and large
organisations need to increase their agility as the uncertainty, ambiguity and variability of
problems and the environment increases.
The implications of the study can be seen in providing empirical results of changes
in the business of SMEs due to the COVID-19 pandemic in two EU countries. The results
of the study also reveal the perception of state support during the coronacrisis by SME
managers, which can be used as feedback for governments and their applied mitigation
measures. According to Slovak and Czech entrepreneurs, governments should provide
more support in the form of direct subsidies for fixed costs or VAT reduction to help SMEs
overcome financial problems due to reduced sales and liquidity. The paper contributes to
the existing knowledge by summarising changes in SME business during the coronacrisis
and the directions of future entrepreneurial activities.
One of the limitations of the study is the fact that the effects of the coronacrisis were still
evolving when the primary surveys were conducted, and not all changes in business may
have been covered. Another limitation can be the use of a quantitative research method,
which doesn’t make it possible to identify specific factors and obstacles that companies had
to overcome during the coronacrisis. A revised version of the questionnaire could be used
in future research. Further research will also focus on qualitative research into the ability
of SMEs to cope with unpredictable change and the barriers needed to build their agility.
Detailed case studies are needed to see how SMEs can cope with crisis periods.
Author Contributions: Conceptualization, methodology, validation, investigation, writing—original
draft preparation, review and editing A.J.S.; formal analysis, resources, data curation, V.K. All authors
have read and agreed to the published version of the manuscript.
Funding: This paper was elaborated within the framework of the project No. 1/0333/22 under the
VEGA agency, Slovakia.
Data Availability Statement: Data supporting reported results can be found in the official statistical
databases of the Czech Statistical Bureau (https://vdb.czso.cz/vdbvo2/faces/cs/index.jsf?page=
vystup-objekt&z=T&f=TABULKA&pvo=ORG05&skupId=3773&katalog=33695&&v=v7__KODAKT_
_571__1&str=v386&kodjaz=203) (accessed on 25 October 2023), official reports and surveys of the
Slovak Business Agency (https://www.sbagency.sk/stav-maleho-a-stredneho-podnikania (
accessed on

Economies 2024,12, 17 24 of 26
20 October 2023), https://www.sbagency.sk/analyzy-a-prieskumy-podnikatelskeho-prostredia)
(accessed on 20 October 2023), survey of the IPSOS agency (https://amsp.cz/wp-content/uploads/2021
/03/Ipsos-pro-AMSP_Covid-a-Zm%C4%9Bny-v-podnik%C3%A1n%C3%AD_FINAL-_TZ-1.pdf)
(
accessed on
5 November 2023), and official reports of the OECD (https://www.oecd.org/cfe/smes/
Cz-Rep.pdf (
accessed on
15 November 2023), https://oecd.dam-broadcast.com/pm_7379_119_119680-
di6h3qgi4x.pdf) (accessed on 15 November 2023).
Conflicts of Interest: The authors declare no conflict of interest. The funders had no role in the design
of the study; in the collection, analyses, or interpretation of data; in the writing of the manuscript; or
in the decision to publish the results.
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