WEST PALM BEACH, Fla. — After the recent failures of California-based Silicon Valley Bank and New York-based Signature Bank, many small businesses are hoping to see the FDIC insurance limit raised.
Back in early March, WPTV spoke with John Ries, owner of Hot Pie Pizza in West Palm Beach, after the collapse of California-based Silicon Valley Bank and New York-based Signature Bank.
"(I'm) a little bit fearful," Ries said. "The uncertainty is what makes me very, very nervous."
Ries, like other small business owners, shares those feelings because the current FDIC insurance limit is $250,000, and many business owners have much more than that in the bank.
"I'm really at the winds and the waves of what the government is going to set up as their protection," Ries said.
WPTV spoke Tuesday with Noah Rubin with Wells Fargo Advisors in Boca Raton about these concerns.
"The FDIC and the Treasury Department came in and they lifted the FDIC limits for the banks that went out of business," Rubin said. "So, now the question is, are they going to do that for everybody?"
Rubin went on to say, that as of right now, that doesn't look likely.
"There's been no change, but there's a lot of conversation in government and in Congress and coming from business owners in town and everybody saying, 'Alright, are we going to have more protection going forward?'" Rubin said. "There's a lot of people talking about it. Nothing is set in stone. Nothing is definitive but because of what they did for this unprecedented action, the conversations continue."
Rubin said those conversations will continue to evolve.
"In any system, things can go wrong, things can fail, things can go out of business," Rubin said. "But we've gone through so many challenges time and time again that I think we should all take a deep breath and be comfortable that we're going to get through this."
