Member-only story
How “Normal People” Could Be Impacted By the Silicon Valley Bank Collapse
A PSA to all my self-employed pals
If you’ve scrolled any news outlet in the past 72 hours, you’ve likely heard about the Silicon Valley Bank collapse.
If not, this NY Times article will get you up to speed.
Maybe you saw the headlines and, like me, thought to yourself,
“That’s definitively NOT good news but it probably won’t affect me personally because I don’t bank with SVB.”
Well, at least in my case, that turned out to be WRONG.
I realized it this morning when I missed a large payment from an affiliate partner I’d been working with for years.
Typically, I receive my paychecks from them on time each month, like clockwork.
However, when the payment was overdue by several days, I knew something was up.
After an email exchange, I learned that my paycheck could not be processed because the company’s funds were frozen at Silicon Valley Bank.
I wasn’t given a specific time frame on when I would get my payment, which is fairly terrifying for a “normal” self-employed person running a one-woman business.
