The following is an excerpt from the Jul 14, 2020 article in the Birmingham Business Journal which quoted CEO DeLynn Zell, pertaining to Bridgeworth being included in the database for those having received the PPP loan and returning the funds.
While the list provided some good insights into the program, it’s not without its limitations.
For one, not every company in the database is an actual recipient of PPP loans.
Some companies applied for a loan, but ultimately decided to return or not accept the money.
Bridgeworth Financial is an example of one of those companies that found itself in the database, but didn’t keep or use any PPP funds.
DeLynn Zell, CEO of the financial firm, told the Birmingham Business Journal that there was much uncertainty about the effects of Covid-19 and what it would mean for the economy at the outset of the crisis, which led the firm to initially apply.
Ultimately, Zell said the company didn’t feel the program was meant for firms with recurring revenue and decided against utilizing the loan.
“We felt the funds were better utilized by other businesses who actually had to shut down,” Zell said.