Table 2.

Policy approaches to support manufacturing SMEs during the COVID-19 crisis

	Survival phase	Renewal and growth phase
Main focus	Financial support to prevent liquidity crises and maintain employment	Structural measures to foster innovation, internationalization and networking
Time horizon	Short-term	Medium-/Long- term
Target groups	One-size-fits-all approach	Differentiated strategy by sector and by type of SME
Policy mix	Reduction of working hours and temporary unemployment Deferral of tax, social security payments, debt payments, and rent and utility payments Loan guarantees Direct lending to SMEs Grants and subsidies	Support for internationalization Innovation support schemes Training and skills development Teleworking and digitalization Cluster development and networking initiatives Entrepreneurship and start-up support