The vast majority have now resumed payments. The share of SME loans with a deferral peaked at 13 per cent in June (Graph 9). It is now around 1 per cent. Consistent with these outcomes, modelling by large banks  suggests that the risk of default for small businesses relative to large businesses did not change much in 2020 (Graph 10).
Nevertheless, business failures are expected to rise as some of the pandemic support measures are phased out.