These Biotechs Were Told Their SVB Funds Were Available. It Wasn't That Simple.
The sudden collapse of Silicon Valley Bank was supposed to have been fixed by Sunday afternoon when federal regulators said they would make depositors whole starting Monday.
But early this week, some companies were still left hurrying to make sure they could make this week’s payroll. In biotech—a sector where many startups relied on SVB—some were still finalizing the opening of new checking accounts to pay their employees from; and many of those who tried to move their funds out of their SVB accounts were unable to do so because the bank’s website kept crashing.
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