RESUMEN
We use a variety of organization-level datasets to examine the effectiveness and efficiency of the nations for the coronavirus epidemic. COVID-19 subsidies appear to have saved a significant number of jobs and maintained economic activity during the first wave of the epidemic, according to conclusions drawn from the experiences of EU member countries. General allocation rules may yield near-optimal outcomes in favor of allocation, as firms with high ecological footprints or zombie firms have lower access to government financing than more favorable, commercially owned, and export-inclination firms. Our assumptions show that the pandemic has a considerable negative impact on firm earnings and the percentage of illiquid and non-profitable businesses. Although they are statistically significant, government wage subsidies have a modest impact on corporate losses compared to the magnitude of the economic shock. Larger enterprises, which receive a lesser proportion of the aid, have more room to increase their trade liabilities or liabilities to linked entities. In contrast, according to our estimations, SMEs stand a greater danger of insolvency.