Is there an alternative to laying off my employees if my business has slowed down as a result of COVID-19?

Yes. The Department of Labor offers a SharedWork program: http://www.ctdol.state.ct.us/progsupt/bussrvce/shared_work/index.htm which is a smart alternative to a layoff. 

The program allows employers to reduce the hours of full- time employees by as much as 60 percent, while their workers collect partial unemployment benefits to replace a portion of their lost wages.

All employers with two or more full-time or permanent part-time employees can participate in the program. 

NOTE: this program is not designed for seasonal separations. 

To qualify, the business’ reduction of work cannot be less than 10 percent or more than 60 percent.