Companies scramble to meet payroll, pay bills after SVB’s swift failure
Published Fri, Mar 10 20235:09 PM ESTUpdated Fri, Mar 10 20238:59 PM EST
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Ari Levy
Tech companies that held deposits at SVB are wondering when they’re going to be able to pay employees and their bills after the bank’s collapsed.
The FDIC was named the receiver of Silicon Valley Bank on Friday after the bank was closed by California regulators.
“The number one question is, ‘How do you make payroll in the next couple days?’” said Ryan Gilbert, founder of venture firm Launchpad Capital. The sudden collapse of Silicon Valley Bank
has thousands of tech startups wondering what happens now to their millions of dollars in deposits, money market investments and outstanding loans.
Most importantly, they’re trying to figure how to pay their employees.
“The number one question is, ‘How do you make payroll in the next couple days,’” said Ryan Gilbert, founder of venture firm Launchpad Capital. “No one has the answer.”
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https://www.cnbc.com/2023/03/10/silicon-valley-bank-customers-scramble-to-meet-payroll-pay-bills.html
