The sudden appearance of COVID-19 in early 2020 has forced governments worldwide to implement hastily arranged policies to limit the death toll from the virus, including travel restrictions, lockdowns, and business shutdowns. These measures aim to save lives by reducing the rate of new infections -"flattening the curve" -thus preventing the congestion of the health care system and ensuring that there is enough capacity to admit everyone in need (Ferguson, et al., 2020). In this paper, we investigate the effectiveness of business shutdowns, focusing on three issues in particular. First, we quantify their overall effects in reducing mortality. Second, we focus on the importance of timing -that is, when in the epidemic curve they are most effective (the when). Third, we explore how the effectiveness of business shutdowns varies depending on which particular sector of the economy is closed down (the how).To carry out the analysis, we focus on the first wave of COVID-19 in Italy, for long one of the world's worst affected areas. Focusing on Italy has two main advantages. The first is that the Italian government implemented a stringent business shutdown policy, affecting nearly every aspect of economic activity. This allows us to investigate the effectiveness of shutdowns in the service sector as well as in production activities. The second key advantage is the availability of highly granular daily death registry data, as well as data on socio-demographic, labor market and territorial characteristics, for thousands of municipalities. We use these data in a diff-in-diff approach, exploiting a peculiarity in the implementation of the business shutdowns