The COVID-19 pandemic is one of the biggest challenges facing global economies in the twenty-first century. Although a few sectors have benefited from it, the majority of companies in all sectors have been affected. This research came to test the moderating effect of the reserves of the firms on the relationship between the COVID-19 pandemic and the performance of firms (financial and non-financial performance). The study adopted a questionnaire survey to collect the data. The questionnaires were sent online to the top management of the firms listed on the Amman Stock Exchange (ASE). The results showed that the pandemic of COVID-19 damages the financial and non-financial performance of the firms in all sectors listed on the Amman Stock Exchange in Jordan. But the reserves of the firms have a positive effect on reducing the negative effect of the COVID-19 pandemic on the firms’ performance (financial and non-financial). Thus, this research recommends that the government must involve the