Family firms

Family firms and the Covid crisis

How were family firms affected by the Covid crisis?

The Covid crisis represented a significant negative shock to many firms who experienced abrupt decreases in their revenues, as well as increased costs due to public health rules.

The sudden decrease in revenues made it difficult for many firms to cover their fixed costs and maintain employment.

Government policies attempted to support firms by compensating them for unavoidable fixed costs, by sharing employee expenses, and by postponing and reducing tax payments.