The collapse of Silicon Valley Bank last week put many employers in a difficult spot: How were they going to pay their employees?
For many businesses that banked with SVB, managing payroll involved getting funds directly from their accounts, or working with payroll providers that partnered with the mid-size bank. While the federal government quickly ensured that depositors would have access to their funds within days of the closure, President Biden’s comments on the matter pointed to the financial strain many business owners — and their employees — were facing when the payroll process was in jeopardy.
