Thoughts on the recovery from Meg Winchester and Jack Heath

When I look back on the past 20 months, I stand in awe of the business owners and employees who continue to work with determination to stay afloat in these grueling times. The words and the catchphrases such as resilience, pivot, adapt, reinvent, grit, and covid silver linings might feel tired, but no one can deny, they define pandemic times. And it's the silver linings and the Stories of Resilience that keep all of us feeling hopeful.

Visit Spokane is grateful to Washington Trust for its ongoing dedication to the Spokane community and contributions to hospitality recovery. We are proud to share with you a series of hospitality success stories, each a direct result of Washington Trust's execution of the PPP loan program.

We are always grateful for all our hospitality partners and the many ways you make the Spokane region such a joy to promote!

Looking forward with you,

Meg Winchester
President & CEO
Visit Spokane

Hello and welcome to Stories of Resilience, special coverage of Spokane’s hospitality industry and the positive economic impact of the Paycheck Protection Program (PPP).

Any discussion of the region’s hospitality sector must start with a look back at all that has happened since March 2020. Spokane, like everywhere else in the world, faced economic challenges from COVID-19. Local businesses were forced to adjust to social distancing restrictions, new regulatory guidelines and major shifts in consumer demand. As a result, hospitality business leaders worried about the future, their employees and their bottom line.

However, thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act and its inclusion of the PPP, many businesses in Spokane’s hospitality sector were able to continue operations, ensuring that the impact on our economy was not as dire as it could have been during such an unprecedented time.

All of us at Washington Trust Bank were honored to play a significant role in delivering PPP funds to those who needed it most like the hospitality community. The critical aid that flowed from the PPP has created many bright spots for Spokane’s hospitality sector. Residents are shopping locally, visitors are returning to the region and hospitality employers have, for the most part, been able to rehire workers. As market conditions improve, we expect that our hospitality industry will continue to grow.

We are overcome with gratitude to our employees and customers who have managed, and continue to manage, the difficulties of the pandemic with integrity and a persistent commitment to the community. These core values have been embedded in Washington Trust since our founding more than 115 years ago; inspiring us to remain a trusted source of financial strength and stability no matter what the challenges are that may arise. Thank you for your support.

Sincerely,

Jack Heath
President & COO
Washington Trust Bank

From fear of closure to "busier than ever" Latah Bistro tapped PPP funds to survive and thrive

“I’ll never forget when the pandemic closures hit,” says Susan Readel, owner of Latah Bistro, Wine & Taps, and Latah Latte in Spokane. “We had just received all the ‘bar swag’ for our St. Patrick’s Day advertising, and suddenly everything came to a screeching halt. We were shocked that it was actually happening and that we really had to close.”

It was a difficult time for Susan as a business owner, as well as for her employees and the community, so she was elated when her Washington Trust relationship manager, Cody Hines, told her about the PPP.

At that point, Susan had been working with Washington Trust for about two years — since the inception of her businesses. The bank had helped orchestrate her purchase of the Latah Bistro fine-dining restaurant and nearby Latah Latte drive-through coffeehouse in 2018, along with the simultaneous construction and launch of the Wine & Taps bar next door. She applied for PPP funds for all three businesses.

“I needed a bit of hand-holding because I was working full time doing to-go meals and didn’t have a lot of extra time, but I knew how important it was,” Susan says. “Cody and the Washington Trust team worked with my accountant and me from start to finish to facilitate the process and coordinate everything we needed in order to qualify. My mental health improved immediately the day the application was deposited because I knew my business wasn’t going to fail and I could bring back my employees.”

Susan used the PPP funds for payroll, rent, and utilities and was able to bring back her entire 40-person team. She was especially grateful to be able to help the employees who had not yet received any unemployment support and were in dire financial need.

Both first- and second-round PPP loans were ultimately 100% forgiven.

When asked about her overall impression of the loan process, Susan is quick to praise her relationship manager’s efforts. “I work with more than 60 vendors with my three businesses, and I have never received the level of personal attention from any of them that I received from Cody,” she says. “My initial reaction was, ‘Oh my gosh, how can he keep doing this for all these people?’ because every client has different needs, but he was so thorough in following up. And despite the last-minute nature of the program rollout, Washington Trust figured everything out and made it easy for us.”

Today, sales are up at all three businesses, and Latah Bistro is busier than it has ever been. “I have to keep expressing my gratitude to my staff,” Susan stresses, “because they’ve been putting in a lot of extra time and energy. We do face shortages every day — whether due to transport delays, manufacturing bottlenecks or import issues — but everyone is doing the best they can, and as long as we don’t have to shut down again we’ll be okay.”