I would rather guess they don't have the money anymore. Maybe they have lost the sponsor or the fed has a problem due to the economic crisis that was caused by the shut down. Anyway, it's not good for the sport if competitions get cancelled, but I guess it's hard for the ISU to find some country that could step in at the moment.
IIRC at least the Nepela Memorial is organized by the local club, not the federation itself, they just cover some of the expenses afterwards, key word is some. As it's organized by club I can imagine that a lot of funding comes either from the city of Bratislava or the county and as all cities lost a lot of their income due to postponement of tax payment and the counties had a lot of unexpected expenses, buying tests if they wanted to test the nursing homes etc., I can imagine that paying for a figure skating event in September is at the bottom of their priority list at the moment.
I can assure you that there are no international skaters training within the borders of this country. Slovak figure skating is at the moment non-existent, we don't even have anyone who is able to qualify for the free skates at Europeans and looking at junior ranks, unless we adopt some Russian or American skater with or without Slovak roots (Rajicova, Hugec), it will remain so for the forseable future.
ISU's official account on Weibo posted that first three JGPs are cancelled now - not sure if it's just a typo or the Hungary one indeed gets cancelled too.
