What Happened to Gusto When Silicon Valley Bank Collapsed?

Tomer London says Gusto was not affected as a processor when Silicon Valley Bank collapsed, but some customers banked there. On Wednesday the customers had to run payroll with no bank to pull cash from. If Gusto had not stepped in, the employees would not have been paid.

Gusto identified the companies ahead of time and reached out. The dollars were still there and only inaccessible during the Silicon Valley Bank collapse. The freeze was a temporary issue that would probably be resolved in the next few days or a week through an acquisition or a similar ending. Gusto extended credit, paid the payroll, and told the customers they could run payroll safely, then debit the account the next week to be repaid. Several days went to calls, one customer at a time, because many people were very worried.

A social network for dogs can skip redundancy. A few minutes down, or even two days, is annoying when a dog cannot check a friend's post, and the frustration fades a week later. Moving real money or calculating people's taxes makes redundancy and system stability the requirement.