The countdown to December and the date that could alter our future is on. Have you started thinking about what you’ll do if the prognosticators are right? Do you have contingency plans? Will you remove your money from the neighborhood bank? After all, the impending elimination of Federal Deposit Insurance Corporation (FDIC) insurance on small business bank accounts is no joke (raise your hand if you thought I was talking about the Mayan prediction that the world will end on 12/12/12).
The fate of FDIC insurance on business accounts has certainly garnered less mainstream attention than the latest, greatest doomsday prediction, but with the more than 27 million small businesses in the United States employing half of all private sector employees, according to the U.S. Small Business Administration, it’s certainly significant nonetheless.