Special Announcement from Gusto
To our Gusto Customers Using Silicon Valley Bank (SVB) and Signature Bank to Fund Payroll:
We know there are continuing struggles for many of you as SVB and Signature Banks return to normal operations after being shut down last week.
To help ease the pain and difficulties, Gusto used its own balance sheet earlier this week to run payroll for businesses that were not able to get their funds in time on the 3/13 and 3/14 dates.
And we’ll be doing the same with today’s 3/15 payroll date for customers that are experiencing operational issues or aren’t able to get their wires in before the deadline.
For the latest information about the 3/15 payroll, SVB and Signature Bank customers using Gusto should click here.
We understand this is still a changing, fluid situation and we’re here to support you. Please see our resource hub for additional details, and information as we all navigate this difficult time. If you have further questions or need additional support, please reach out to our dedicated support team: [email protected] with SVB or Signature in the subject line.
Payroll is critical for every business. That’s why Gusto’s payroll operations run on a redundant system of leading national banks (e.g. JP Morgan Chase and PNC). So if one fails or experiences delays, we can still run payroll and support our customers without disruptions.
**Updated to include additional FDIC resources and instructions for Gusto customers that use Silicon Valley Bank to fund their payroll**
Gusto does not use Silicon Valley Bank to fund customer payroll services and operations. Therefore, Silicon Valley Bank’s current situation does not affect our ability to provide payroll services to you.
Since our founding, Gusto has set out to create a durable and sustainable company that enables entrepreneurs to build businesses that grow, thrive, and last, while also helping employees do more with their paycheck. That’s the difference we want to make.
In order to deliver that value, it’s essential that Gusto reliably delivers on payroll processing. That’s why Gusto utilizes a redundant system of leading banking partners to facilitate our payroll processing and services to provide peace of mind for the unexpected.
We’ve spent more than a decade solving the technical and regulatory complexities that come with processing hundreds of billions of dollars in payroll and operating across all 50 states. We’re honored to serve hundreds of thousands of companies, and to be their trusted partner by providing them with reliable tools and services that enable them to build great places to work.
Gusto Resource Hub
We know many startups and technology companies are being forced to adapt on the fly based on the closure of Silicon Valley Bank.
We’ve created a resource hub for businesses trying to get answers to important and pressing questions:
- Potential sources for lending
- How to set up a new bank account quickly
- Tips for timely wire transfers
- Steps to take to avoid fraud/scams from bad actors during times of crisis
- And other situations
We’ll keep adding to this resource as we get more insights and information.
Joint Statement from the Treasury, FDIC, and Federal Reserve Board
Resources from the FDIC regarding Silicon Valley Bank
FDIC Silicon Valley Bank FAQ
FDIC Press Release Regarding Silicon Valley Bank
FDIC FAQ for Debitors, Creditors, Borrowers
Instructions for Gusto customers that use SVB to fund payroll
For Gusto customers who bank with SVB, log into your Gusto dashboard for specific instructions on how to fund the payroll after you run it. You can also find those instructions below. For support and questions, you can contact us at [email protected] and please include “SVB” in the subject line.
If you use an SVB account for your payroll funds, and you have not yet updated your bank account on file to another (see article), you will have to wire funds to Gusto in order to make payroll on time. This includes payrolls that were already run and weren’t paid, previously scheduled, as well as new payrolls. First, run the payroll in Gusto. Then you’ll see the wire instructions specific to your company on your to-dos.
Even with the recent announcement from the FDIC, Treasury, and Federal Reserve Board about SVB customers having access to their funds on Monday, 3/13/23, customers who bank with SVB still need to wire their payroll funds to Gusto. ACH transfers at SVB, at the moment, are not fully reliable. Wire transfers are reliable and the fastest way to process payroll. To fund your payroll, please follow the wire instructions in your Gusto account (also below). This is the guaranteed way to complete and fund your payroll.
**If you already initiated a payroll with a Monday (3/13) pay date,** you must wire funds by 12:15 pm Pacific Time (PT) on Monday, 3/13/23.
**If you already initiated a payroll with a Tuesday (3/14), Wednesday (3/15), or Thursday (3/16) pay date (and beyond),** you must wire funds by 10:00 am Pacific Time on the payroll date using instructions provided on the dashboard.
**If you plan to initiate a new payroll,** you’ll need to wire funds for payroll by 10:00 am Pacific Time of your payroll date using the instructions that will show after you run the payroll.
When you move to another bank, please update the details in Gusto (see article) and payrolls will debit automatically as usual, with no wires necessary.
Additionally, if you have initiated an international contractors payment on 3/9 after 4:00 pm PST or 3/10, they’ve been canceled. You can resubmit these payments after moving to a new bank account and updating it on Gusto.