The billions invested in the bank include funds from major companies such as Etsy, which is an online marketplace with millions of sellers.
Etsy wasn’t the only business affected by the bank’s collapse.
Like many impacted, Friday was payday for Chef Choice employees, but the company employed to handle payroll was unable to process direct deposits because of the collapse. “A lot of people are living paycheck to paycheck. They needed money.,” Skardoutos said. “They have automatic withdrawals, car insurance, and house payments. Stuff like that will hit automatically. It’s ultimately going to short them and now they are going to owe more money through bounced check fees.”
“I’ve talked with our office manager, and she’s informed me that we have not received anything. The payroll company has already taken money out of my account earlier in the week, but we have not seen it yet,” Skardoutos said.
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