For small and medium enterprises that have sustained through the COVID pandemic up to now, what is next? Owners of small and medium enterprises in the UAE swiftly shifted when COVID-19 began closing stores in March. Dining restaurants switched to takeout, pickup, and delivery services, bookstores initiated takeout service, and gymnasiums arranged online classes. Firm owners, it insinuated, just required to deal with this rare distress and survive for some months, when normality would recommence. The Targeted Economic Support Scheme (TESS) – TESS’s fundamental mechanics are to reduce financial pressure on the banking institutes to support postponements and defrayal loan refunds to customers. It is a noticeably discrete emphasis for assistance compared to other states, such as the United Kingdom, where government support schemes are focused on borrowers, individuals, and taxpayers’ economic aid. The TESS would help the firms to survive the storm.
Case – Reference no. 321-0212-1
Authors: Muhammad Usman Tariq
Published by: Abu Dhabi School of Management
Published in: 2021
Length: 18 pages
Topics: SMEs; enterprises; COVID-19; Pandemic impact; SMEs challenges
