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www.HartfordBusiness.com • March 23, 2020 • Hartford Business Journal 3 COVID-19 grinds Greater Hartford's economy to screeching halt I n just two weeks, the coronavirus pandemic has brought an unprec- edented level of uncertainty to Connecticut businesses, residents and government. The virus is already having a significant impact on the state's economy, as schools, restaurants, bars, gyms, casinos, malls and movie theaters have shuttered and em- ployees who are able to do so work remotely, some with school-aged children also stuck at home. Credit-rating agency S&P Global said the epidemic has pushed the world's economy into global recession. Unemployment claims have spiked, and state lawmakers and the fed- eral government have pledged relief packages aimed at easing some of the pain for businesses and workers. The severity of the fallout will depend on how long the new condi- tions last. Some are hoping it might be a few weeks or a month more, but experts have targeted July or August as the infection's potential U.S. peak. Hartford Business Journal has tried to chronicle how coronavirus is impacting Greater Hartford busi- nesses and the economy in general. Here are some highlights: • • • In response to the massive eco- nomic slowdown, Gov. Ned Lamont's administration has taken several steps to provide small businesses relief including announcing a loan forbearance program for any compa- nies with state government loans. A stimulus package will also be consid- ered by state lawmakers. Still, there is plenty of uncertainty about just how much Connecticut's economy will hold up in the coming months. "The real question in my mind is the duration of this thing, is it a two to three to four month thing or a six or nine month event," said David Lehman, commissioner of the state Department of Economic and Com- munity Development. "It's my view that this is certainly having a big impact but there is no precedent for this where parts of our economy liter- ally stop. What's challenging here is that what is right from a public health perspective is counter to the way our economy is set up and works." Up Front Switch to a local bank that makes everyday banking simple and easy. Because we work for you, not the other way around. When banking feels like working, your banking isn't working. Member FDIC/Member DIF bankatpeoples.com · 413.538.9500 COPING WITH CORONAVIRUS Continued on page 4 >> PHOTO | HBJ FILE