The COVID-19 pandemic has posed serious challenges to businesses across the globe. However, the effects of pandemic on businesses vary widely across nations, regions, and industries. Some businesses are being pushed into liquidation and bankruptcy while others are struggling to maintain operational continuity. Yet others are forced to repurpose their expertise and resources in order to meet a sudden upsurge in the demand for their products and services. Likewise, there is a variation in the understandings and responses of entrepreneurs to the COVID-19 crisis. Our case study illustrates these variations. Using a multiple case study, we explore the perceptions, strategic responses, and managerial practices of Swedish SMEs during the COVID-19 crisis. The aim is to gain some insight into how SMEs manage the COVID-19 pandemic from both economic and CSR perspectives. The results indicate that the impact of the COVID-19 pandemic is related to the state of the industry in which the case companies are located, and the pre-crisis status of the companies. The perceptions of the entrepreneurs also differ. Some entrepreneurs perceive the crisis as a threat to their business while others see opportunities for innovation. These perceptions are likely to guide the strategic choices and managerial practices of the entrepreneurs. Digitalization is a common denominator with regard to social responsibility. However, the primary focus is on socially responsible practices for the health and safety of employees.