Hartford Business Journal

Protection Program. DECD's first $50 million bridge loan program debuted in late March and got off to a rocky start because the agency wasn't equipped to handle or process the thousands of loan request applications. It even- tually partnered with third-party vendors and provided close to 2,200 small businesses with approximate- ly $20,000 loans. More than 18,000 small employ- ers recently applied for the state's $50 million CT CARES Small Business Grant Program, which is providing one-time $5,000 grants to about 10,000 companies. DECD also recently administered $9 million in grants to 154 arts organizations, many of which were forced to close in mid-March and haven't been able to reopen. Lehman said the funding has been an important source of help for struggling small businesses but he doesn't envision another state- based lending or grant program for the remainder of the pandemic. Instead, he said the federal govern- ment should pass another stimulus bill that allows certain businesses hardest-hit by the pandemic — like restaurants and retailers — to re- ceive another round of PPP funding. Executive powers Aside from the capital programs, DECD was given considerable power to help make decisions on how Con- necticut's economy would operate during the pandemic. For example, in mid-March, DECD was given the power under executive order to designate essential busi- nesses that could remain open dur- ing the spring spike in COVID cases. Later, the agency was given the power to come up with reopening guidelines. Some major decisions included banning indoor dining early in the spring but allowing restaurants to offer takeout services. Connecticut also left open the manufacturing and construction industries, which Lehman said was crucial to helping stave off further economic pain. A stunning 266,300 jobs were lost in Connecticut during the month of April, which will likely take a year or longer to recover. Connecticut has slowly regained jobs since then and is down about 89,800 jobs for the year; the unemployment rate is around 11%. The one bright spot is that Con- necticut's economy has held up better than at least half the country. Connecticut's economy shrank by 31.1% during the second quarter, outperforming both the national and New England economies, which con- tracted 31.4% and 32.3%, respectively. Looking ahead to 2021, Connecti- cut's economic recovery will depend on how quickly an effective COVID vaccine is rolled out, Lehman said. "It's going to be a bumpy ride until then," Lehman said. "What's chal- lenging is we don't know how the virus behaves during the winter and now you have the entirety of the country with meaningful levels of infection." 5 WE WATCHED IN 2020 www.HartfordBusiness.com • December 14, 2020 • Hartford Business Journal 17 WE PROVIDE CT BUSINESS LEADERS WITH THE INFORMATION THEY NEED TO SUCCESSFULLY RUN THEIR BUSINESS. ARE YOU IN THE KNOW? SUBSCRIBE BY GOING TO WWW.HARTFORDBUSINESS.COM CLICK ON "SUBSCRIBE" David Lehman speaks to a business audience pre-COVID-19. HBJ FILE PHOTO Embrace your future like you started your business: Passionately You entered into your business with enthusiasm, looking forward to the opportunities and challenges. Why should your exit be any different? With UBS, the sale is just the beginning. You can have the freedom to pursue your interests, contribute to the causes you care about and spend time with the people who matter most to you. 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