The purpose of this study is to suggest some policy implications by analyzing the support effectiveness of policy guarantees supported through the supplementary budget. During the COVID-19 period, the sales growth rate of the policy guarantee beneficiary companies was about 4.98% and the employment growth rate was about 0.46%, indicating a significant difference in growth potential compared to the non-beneficiary companies. First, among the economic crises caused by COVID-19, the crisis response through policy guarantees was relatively appropriate. Second, it is necessary to maintain an ‘appropriate’ level of support for ‘necessary’ economic sectors according to the government’s policy direction. Third, policy guarantee support can be effectively used as one of crisis response policies based on the effectiveness of the policy. Fourth, it is necessary to prepare for preemptive policy guarantee support by operating the crisis prediction system. Fifth, it is necessary to identify and prepare for possible crises after COVID-19 at the present time.