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4 Hartford Business Journal • March 23, 2020 • www.HartfordBusiness.com SUBSCRIPTIONS Annual subscriptions are $84.95. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambeywest.com, or call (845) 267-3008. ADVERTISING For advertising information, please call (860) 236-9998.Please address all correspondence to: Hartford Business Journal, 15 Lewis Street, Suite 200, Hart ford CT 06103. STAY CONNECTED For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Tel: (860) 236-9998 Fax (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330 Congers, NY 10920-9894 www.copyright.com HartfordBusiness.com (860) 236-9998 Hartford Business Journal (ISSN 1083-5245) is published weekly, 28x per year — including two special issues in November and December — by new England Business Media, LLC, 15 Lewis Street, Suite 200, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Joseph Zwiebel | President, ext. 132, jzwiebel@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com EDITORIAL Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Health Care, Energy, Startups & Entrepreneurs, Banking & Finance, Government, Bioscience Joe Cooper | Web Editor, ext. 127, jcooper@hartfordbusiness.com Beats: Real Estate, Economic Development, Construction Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Technology, Higher Education, Transportation, Nonprofits Heide Martin | Research Assistant Steve Laschever | Photographer BUSINESS Joe Zwiebel | Publisher, ext. 132, jzwiebel@HartfordBusiness.com Donna Collins | Associate Publisher, ext. 121, dcollins@HartfordBusiness.com Tom Curtin | Chief Revenue Officer, ext. 124, tcurtin@hartfordbusiness.com Lauren Stroud | Events & Project Manager, ext. 137, lstroud@HartfordBusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com Shannon Vincelette | HBJ Office and Events Coordinator, ext. 122, svincelette@hartfordbusiness.com David Hartley | Sr. Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Kristen P. Nickerson | Sr. Accounts Manager, ext. 133, knickerson@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Sue Lavin | Accounts Manager, ext. 128, slavin@HartfordBusiness.com Raki Zwiebel | Credit and Collections Manager Valerie Clark | Accounting Assistant/Office Manager Jill Coran | Human Resources Manager PRODUCTION Christopher Wallace | Art Director, ext. 147, cwallace@HartfordBusiness.com Liz Cornish | Freelance Designer, ext. 140, lcornish@HartfordBusiness.com COPING WITH CORONAVIRUS • • • State Department of Banking Commission- er Jorge Perez has encouraged state-chartered banks and credit unions to ease credit terms for new loans, waive overdraft and late-pay- ment fees as well as withdrawal penalties for certificate of deposit accounts, while still main- taining "safe and sound banking practices." • • • The 80-employee Connecticut Science Cen- ter has closed for at least two weeks, during what is typically a busy time of year, said Matt Fleury, president and CEO of the nonprofit. A long-term closure presents an immeasur- able financial problem for the Center, which op- erates on an annual budget of about $9.4 million, Fleury said. About 60% of the Center's income comes from concessions, gift shop and ticket sales. Without that money coming in, the Science Center is losing about $130,000 per week. "I would say it presents a very serious out- look for us in which we'll have to make some very difficult choices," said Fleury, adding the Science Center has reserve funds and a line of credit available to get it through tough times. • • • The state's Department of Revenue Ser- vices has granted an extension of Connecticut filing deadlines for certain annual tax returns in order to support businesses during the COVID-19 outbreak. The filing deadlines for certain annual tax returns due on or after March 15, and before June 1, are extended by at least 30 days. In addition, payments associated with these re- turns are also extended to the corresponding due date in June. • • • The Mashantucket Pequot and Mohegan tribal nations agreed to close their respective casinos — Foxwoods and Mohegan Sun — for two weeks, beginning March 17. • • • Small businesses in Connecticut are now eligible for federal emergency loans of up to $2 million, and the Hartford Foundation has launched a $1-million fund to respond to the needs of Greater Hartford residents impacted by the COVID-19 virus crisis. The loan program falls under the purview of the U.S. Small Business Administration, which will lend directly to companies. Businesses that qualify may apply for loans of up to $2 million with interest rates of 3.75%; payment plans can be stretched as far as 30 years. The interest rate for nonprofits is 2.75%. The foundation's funding will support com- munity-based organizations responding to the medical and economic issues from the outbreak. • • • With state unemployment claims skyrock- eting to 30,000 in four-and-a-half days, the Department of Labor announced it's begun at- home practice drills to ensure claims process- ing will continue amidst the coronavirus crisis. "I've been with the Labor Department since 1992 and this is unprecedented claim activity," said Deputy Labor Commissioner Daryle Dudz- inski, adding that even during the last recession — America's worst economic downturn since The Great Depression — day-after-day of claims in the multiple thousands was not happening. "It exploded then over weeks and continued." If the trend continues, it could soon eat away at the state's unemployment trust fund balance, which stood at about $615 million on March 18. The state would seek to borrow federal money when and if the fund balance, which is under- written by employers, falls to about $115 million. — Keith Phaneuf , CT Mirror • • • The spread of coronavirus slashed Hartford Restaurant Group's sales by about a third in the days before Gov. Ned Lamont banned on March 16, all dine-in services at Connecticut bars and restaurants, according to co-owner Phil Barnett. A complete shutdown of operations is now forcing the group — which manages nine Wood-n-Tap restaurants and Southington's Que Whiskey Kitchen — and all local restau- rateurs to decide how that will impact staffing levels, said Barnett, who is also president of the Connecticut Restaurant Association. "Our heart wrenches for our staff right now," said Barnett. "All of our counterparts are all trying to figure this out and how do we care for our staff. How many can we retain?" Barnett and co-partner Mike Hamlin man- age a roughly $32-million restaurant group that had about 700 employees across the state before the crisis. The longtime friends are still planning to launch another Wood-N-Tap location in Enfield sometime this spring, but an opening date is in limbo. • • • Fred McKinney, an economist at Quin- nipiac University, had this to say about the impact of coronavirus: "The appropriate response to the current Continued on page 5 >> >> Coronavirus continued Connecticut Science Center President and CEO Matt Fleury is dealing with financial headwinds. Mike Hamlin (left) and Phil Barnett own Hartford Restaurant Group. PHOTO | HBJ FILE PHOTO | HBJ FILE