Hartford Business Journal

www.HartfordBusiness.com • May 18, 2020 • Hartford Business Journal 5 COVID-19 could stunt CT's economy until summer 2021 It may take more than a year before Connecticut's economy fully recovers from the national recession caused by COVID-19-related business shutdowns, state labor officials say. In a "best case scenario," the U.S. and Connecticut economies will recover "early next year" in time for summer 2021, said Matthew Krzyzek, an economist for the state Department of Labor (DOL). Here's why one popular downtown Hartford restaurant won't reopen for outdoor-only dining Restaurants have received new guidelines for how they can reopen outdoor dining service starting May 20, but not all eateries are eager to begin welcoming guests on-site. For example, popular downtown Hartford Italian restaurant and wine bar Salute will not open outdoor-only service because it doesn't make financial sense, according to Managing Partner Andrew Rizzo. The number of customers Salute could serve at its outdoor patio near the intersection of Trumbull and Jewell streets wouldn't be enough to financially justify reopening, he said. "The cons just greatly, greatly outweigh the pros right now for many reasons," Rizzo said. "We agree with some of the other restaurateurs who said we wouldn't consider opening unless we were at about 75% capacity." CT makes it easier for restaurants, retailers to sell outdoors Gov. Ned Lamont has removed red tape for restaurateurs and retailers looking to pivot to expanded outdoor sales as the state's economy gradually reopens May 20. The governor signed an executive order that empowers towns and cities to expedite zoning changes or ordinances for small businesses seeking to bring their operations outdoors. CT approved for federal loan up to $1.1B to pay unemployment benefits Connecticut is one of several states approved for a federal loan to pay rising unemployment claims amid the COVID-19 pandemic, raising concerns from business groups about the potential added cost to employers. The U.S. government has approved a loan of up to $1.1 billion for Connecticut through the end of June, but the state will only tap the money if its unemployment-insurance fund falls below $115 million. That hasn't happened. As of May 7, the fund had a balance of about $560 million after paying out more than 400,000 unemployment claims since mid-March. The unemployment trust fund pays for jobless benefits and gets its money from taxes employers remit to the state each quarter. Hartford Wolf Pack season canceled amid COVID-19 crisis The Hartford Wolf Pack's 2019-2020 season has ended after the American Hockey League (AHL) canceled the remainder of the regular season and playoffs due to the COVID-19 pandemic. AHL CEO David Andrews said the league's board of governors voted to nix the 2019-20 season because it's "not feasible in light of current conditions." The league, which temporarily suspended play two months ago, is now focusing on the 2020-21 season, which is, for now, scheduled to begin this fall, Andrews said. $32M Newington apartments on hold after tax-credit miss Massachusetts-based developer Dakota Partners says it will delay construction of its planned 108-unit Cedar Pointe apartment complex in Newington by a year, after failing to win $2 million worth of affordable-housing tax credits for the $32-million project. Dakota told HBJ in November that it was planning a late summer 2020 groundbreaking, but the company's marketing director, Katie Cardillo, said in an email that construction had been pushed out to fall 2021. Westfarms mall to reopen May 20 Westfarms mall on the West Hartford/Farmington border announced it will reopen May 20 with reduced hours. Initial mall hours will be 11 a.m. to 7 p.m. daily and 11 a.m. to 6 p.m. on Sundays. The schedule mirrors hours announced by other in-state malls, including Westfield Shopping Centers, which are also slated to reopen May 20. CT publicly traded companies turn to virtual annual meetings May is a popular month for Connecticut's publicly traded companies to put on shareholder meetings, sometimes in remote locations, to try to impress investors. This year, however, shareholder meetings are going virtual as many companies — including Travelers Cos. and The Hartford — have restricted travel amid lockdowns due to coronavirus. It's yet another sign of the significant impact coronavirus is having on companies of all sizes, and an additional blow to the tourism and hospitality sectors that cater to such large-scale events. On March 21, Gov. Ned Lamont suspended the requirement for corporations to hold shareholder meetings in person. LATEST HEADLINES We've awarded more than $5M in grants in the past 6 weeks. With your help, we can do even more. Learn about the Hartford Foundation's COVID-19 Response Fund at hfpg.org/covid19 Salute Restaurant in downtown Hartford will remain closed until it can open 75% of its capacity. HBJ PHOTO | GREG BORDONARO

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