With so much uncertainty in the world right now, the ability to be proactive and do something to help keep your business afloat can provide some much-needed relief. That’s what Sam Andras, Senior Principal and Founding Partner at 2WR + Partners, felt when he called the team at Central Bank & Trust. He heard rumblings on the news about a new Act that Congress was working on to help small businesses survive the pandemic lock down, and he wanted to know what he could do to bring that relief to his company.
Sam’s Architecture and Design firm 2WR + Partners has offices in both Colorado and Georgia. While Sam and his team are able to work remotely, the work they are doing is heavily affected by the lock down as its reliant on construction. “For now, our work in Colorado has been able to continue with only a few hospitality projects being put on hold due to the virus. But in Georgia, it’s been more challenging as that office handles a good amount of government work, which has been put on hold indefinitely,” said Sam.
With the inability to know what his pipeline will look like 6 months from now when their current projects are wrapping up, Sam wanted to know what he could do to keep his company up and running. On March 27th, after hearing more about the CARES Act, Sam reached out to CB&T Market President, Tony LeVeque and EVP, Director of Treasury & Commercial Services, Steve Shear to see if they had more information for him.
“I heard back from Tony almost immediately. He didn’t have an exact answer, but he was able to tell me what he thought might happen and recommended that I start pulling certain financial information to prepare for the application process. It felt great to actually be doing something. He told me that his team would be in contact as soon as there was an update to share, and they were,” said Sam. “Tony connected me with Mary Holm in the Denver office, and I don’t think a day went by at the start of this month where I wasn’t in touch with Mary or Steve as they helped me navigate all of this.”
Sam had applied for an SBA loan several years ago and assumed the Paycheck Protection Program (PPP) would be similar to that experience. And prior to the SBA rolling out the official guidelines and application, CB&T treated the PPP as they would any other SBA application and requested that clients prepare to submit tax returns and debt schedules.
However, as Sam and other clients quickly discovered, the application process for the PPP is much simpler. “It didn’t bother me at all that I pulled documentation we didn’t end up needing, because it felt good to be proactive,” said Sam. “I didn’t hear from my other banks that I’ve been working with for nearly a decade- and I still haven’t heard from them. So, the fact that I was in daily contact with, Mary and actively taking steps to secure this loan felt great, and it ended up being a breeze.”
Sam worked closely with Mary and Steve throughout the weekend to finalize his application. “Within a week of completing the app, I was given timing to receive my funds. It was so smooth,” said Sam. He continued, “I know that I am not the only client Mary was working with all this month, but she made it feel like I was.”
The Paycheck Protection Program is here to help small businesses, and while the funds are exhausted, we’re here to help you in any way we can. Contact one of our team members with any questions you might have. We’re in this together, and we will get through this together.