Since the WHO officially declared the outbreak of COVID-19 as a global pandemic, governments across the world implemented strict lockdowns to contain its spread. Although vital in containing the virus, it caused massive ramifications to world economies, and small and medium enterprises (SMEs) have been one of the hardest-hit sectors. The case was no different for Bangladesh. In this study, we assess the economic impact of the pandemic on the SMEs in Bangladesh. We also assess the pandemic’s economic impact on a sample of youth, many of whom were employed in the SMEs during the pre-pandemic period.