I just worked up some costs to replace an SBS 2011 Standard server in an organization with 7 staff, with a direct on-premise replacement.

SBS 2011 Standard is a bundle of:
- Windows domain controller
- File server
- Exchange 2010 server
- SharePoint Foundation 2010 server

To replace that requires 4 Windows Server VMs on 1 physical server computer:
(all prices CAD$)

- Dell R6515, 64GB total RAM (24GB Exchange) $10K ("reasonable" spec for Exchange 2019), OR
- Dell R6515, 192GB total RAM (128GB Exchange) $16K ("fully supported" spec for Exchange 2019)
- Above are not quotes, just figures from the dell.ca online configurator, quotes might be lower

- 2 licenses Server 2019 Standard (for 4 VMs)
- Exchange Server 2019 Standard
- SharePoint Server 2019 (over $9K)(there's only one version, not "Standard" vs "Enterprise")
- SQL Server 2019 Standard (required by SharePoint, it won't work with Express)
- CALs for all products above, for 7 users
- Altaro Backup for Hyper-V

All told it's about $30K for the "reasonable" server and about $36K for the "fully supported" one. That's just for hardware plus software licenses for 7 users, and one of the Server 2019 licenses pre-installed on the physical server.

It doesn't include any installation and configuration of any other software above.

So yes, MS is "encouraging" cloud uptake for small organizations, especially for SharePoint.