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COVID-19 exposed the global unpreparedness of health and business sectors, leading to significant mortalities and widespread business failures (Sarker et al., 2023). This study investigated the pandemic’s impact on SMEs and explores potential resilience strategies for future outbreaks (Koley & Dhole, 2020). Using finance-growth theory, Basu and Das (2023) found a link between SMEs and economic development, highlighting the pandemic’s severe effects on SMEs. The study aimed to determine survival strategies by developing a scientific framework of financial palliatives through surveys and quantitative analysis. A correlation design method was employed, with employment, business failures, and financial palliatives as dependent variables and COVID-19 as the predictor. Survey Data collected from 399 respondents in the computer and IT accessories industry across three Nigerian markets using simple random sampling. Results indicated risks of unemployment and business failures during future resurgences. However, the findings also clarified the types and proportions of financial palliative measures necessary for resilience.
Inferential statistics helped develop an effective model for implementing financial palliatives to protect SMEs from economic shocks. Theoretical insights suggest SMEs will face challenges, including unemployment and closures, during future outbreaks. Practically, policymakers are urged to combine grants, debt, and equity financing to strengthen SME resilience. Socially, the study warns of internal crises in family-owned businesses, as layoffs may strain family relationships. This original research supports grounded theory, offering a practical model for SME survival. Proper implementation of the proposed model is expected to mitigate external shocks during future COVID-19 resurgence