Based on an analysis of over 100,000 bank accounts of French micro‐enterprises and SMEs, this project analyzes the effects of the health crisis and the subsequent government programs on their financial situation. We find that the liquidity of firms in the sample has improved significantly over the course of the pandemic, suggesting that corporate bankruptcies should not rise in the coming months. However, there is heterogeneity in the financial situation of businesses, with SMEs in so‐called S1 sectors (sectors most affected by health restrictions) and Ile-de-France region firms being more vulnerable than others. We also note that businesses that took out State-Guaranteed Loans were already in a worse financial position before the pandemic, and about 40% to 50% of the loans were used to absorb losses rather than to finance investment or savings. Finally, we recommend to monitor the financial position of businesses in the coming months to determine whether the economic recovery offsets the fall in government support and how quickly accumulated debt can be repaid.