In an effort to mitigate the effects of the pandemic and the recent energy price shock, the world economies initiated recovery packages to support economic growth as part of their recovery plans. SMEs have the potential to be a vital part supporting the given process. Through their entrepreneurial innovativeness, SMEs are the carriers of innovations that can stimulate economic growth. For this reason, it is necessary that the efforts of national economies to support economic recovery take into account the potential and simultaneously the vulnerability of SMEs in times of crisis. By creating suitable conditions for the revitalization of financial resources, in order to improve the financial health of SMEs, national economies can achieve their use as a catalyst for economic recovery. An essential part of maximizing the obtained effect will be an understanding of the impact of both crises on the financial health and performance of SMEs, which can be insightful in the case of setting up business support as a part of national recovery plans or as the preparation of entrepreneurs to reduce the impact of the crisis to their businesses.