Over the last decade, the interest in the spin-$1/2$ Heisenberg antiferromagnet (HAF) on the square kagome (also called shuriken) lattice has been growing as a model system of quantum magnetism with a quantum paramagnetic ground state, flat-band physics near the saturation field, and quantum scars. A further motivation to study this model comes from the recent discovery of a gapless spin liquid in the square kagome magnet $\mathrm{K}{\mathrm{Cu}}_{6}\mathrm{Al}\mathrm{Bi}{\mathrm{O}}_{4}{(\mathrm{S}{\mathrm{O}}_{4})}_{5}\mathrm{Cl}$ [M. Fujihala et al., Nat. Commun. 11, 3429 (2020)]. Here, we present large-scale numerical investigations of the specific heat $C(T)$, the entropy $S(T),$ as well as the susceptibility $\ensuremath{\chi}(T)$ by means of the finite-temperature Lanczos method for system sizes of $N=18,24,30,36,42,48$, and $N=54$. We find that the specific heat exhibits a low-temperature shoulder below the major maximum which can be attributed to low-lying singlet excitations filling the singlet-triplet gap, which is significantly larger than the singlet-singlet gap. This observation is further supported by the behavior of the entropy $S(T)$, where a change in curvature is present just at about $T/J=0.2$, the same temperature where the shoulder in $C$ sets in. For the susceptibility the low-lying singlet excitations are irrelevant, and the singlet-triplet gap leads to an exponentially activated low-temperature behavior. The maximum in $\ensuremath{\chi}(T)$ is found at a pretty low temperature ${T}_{\mathrm{max}}/J=0.146$ (for $N=42$) compared to ${T}_{\mathrm{max}}/J=0.935$ for the unfrustrated square-lattice HAF signaling the crucial role of frustration also for the susceptibility. We find a striking similarity of our square kagome data with the corresponding ones for the kagome HAF down to very low $T$. The magnetization process featuring plateaus and jumps and the field dependence of the specific heat that exhibits characteristic peculiarities attributed to the existence of a flat one-magnon band are discussed as well.
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