Purpose: Crises of any type have become an integral part of business activity and responses to them could make the difference between survival and failure. This applies in particular to small and medium-sized enterprises (SMEs). Taking the coronavirus (COVID-19) pandemic as a starting point, this study aims to investigate how Peruvian SMEs have been coping with COVID-19 so far. Based on that a conceptual framework is proposed which highlights the practice of SMEs trying to deal with a new type of crisis. Design/methodology/approach: The study is based on an exploratory qualitative research design involving 25 semi-structured interviews conducted in Peruvian SMEs. Findings: The findings demonstrate how the Peruvian firms studied to adapt to the new situation and initiate responses to increasing the chance of survival. Furthermore, the role of the companies’ decision-makers, as well as the role of crisis management and other related approaches in the companies are shown. Research limitations/implications: The paper expands the underdeveloped body of knowledge regarding crisis management in Latin America in general and crisis management in SMEs by providing insight into how Peruvian SMEs perceive and adapt to the COVID-19 pandemic. Practical implications: The findings presented in this paper have implications for both managers and managerial staff of SMEs but also for the people in charge of the curricula at universities and other teaching-focused institutes. Originality/value: To the authors’ knowledge, this is the first empirical study of crisis management on the impacts of COVID-19 with a dedicated focus on SMEs from Latin America. It provides fresh insight into current reactions to the Pandemic.