Startups Are Worried About Paying Employees After SVB Collapse -One payroll service provider Rippling facing processing delays: ‘TENS OF THOUSANDS OF PEOPLE' MAY NOT GET PAID NEXT WEEK. Startup founders worry about whether they’ll be able to keep paying employees. Payroll service provider Rippling notified customers on Fri: some payroll processing had stalled. The co., a startup itself, switched to JPMorgan Chase, but not soon enough: Paychecks were already “in flight-: https://www.bloomberg.com/news/articles/2023-03-10/startups-are-worried-about-paying-their-people-after-svb-fails?leadSource=uverify%20wall
A .gov website I saw this morning said that the new banking entity set up by Treasury would be processing SVB checks and approving payment.
@ScottSoCal@computerfairi.esThank you, but some companies are in limbo bc they tried to withdraw money in the passed few days & it's not clear if the money will be released. And others are at the mercy of firms that're connected to SVB. It's likely that it won't go smoothly, but hopefully most will be made whole. What's worrisome is that >90% of deposits were uninsured. Those with accounts with >$250,000 will likely have to wait for some time to find out the fate of their funds at SVB with >$250,000.