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Exogenous shocks and environmental changes may force small- and medium-sized enterprises (SMEs) to change and innovate their business models. However, their readiness and ability to do so could depend on firm-level characteristics. This paper investigates how two firm-level factors—size and age—impact SMEs’ engagement in business model innovation in response to the COVID-19 crisis. Using World Bank Enterprise Survey data covering 2,115 SMEs from 12 countries, this study shows that the age of an SME is negatively associated with business model innovation. The finding also shows that, contrary to the hypothesis posed in this study, the size of an SME impacts business model innovation positively. The study contributes to the understanding of antecedents of business model innovation in times of environmental change and uncertainty.