In the last 20 years, I have worked at two small companies.
The first small company paid slightly above average and had normal benefits. The "CEO" who was very good friends with the owner repeatedly told people that they would not just be let go and he'd "have a sale" before letting anyone go. He married the woman in marketing. He, his wife, the COO and the head of the support department were a little clique and routinely abused their positions. I ended up leaving for the 2nd company.. they wanted an exit interview and grilled the hell out of me why I was leaving. Didn't think anything of it until the next month when they let 90% of the company go and realized they must have thought I knew something.
My current small company is amazing. No PTO limit, high salary, low stress work environment, ability to be completely remote (I go camping for weeks at a time and still work), owner is hands off.
Long story short, small companies can be and often are just as bad. Although, I think it's more like to find an awesome small company than an awesome big one.
On the topic at hand.. the PR department doesn't know the guy is getting cut.