Expensive Patriot Software program Buyer,
I’m positive you’ve heard the information that on Friday 3/10/23 the Sixteenth-largest financial institution within the USA, Silicon Valley Financial institution (SVB), was shut down by California regulators, and it’s now beneath the management of the FDIC.
Up till 3/10/23, SVB was the financial institution that Patriot Software program used for 100% of its actions. This beautiful financial institution failure managed to briefly forestall ~8,100 of Patriot’s tens of hundreds of American clients from paying their workers for someday – Friday 3/10/23. So such as you, I’m ticked, actually ticked about this banking debacle. However quite than complaining, right here’s what we’re doing about it:
#1) We need to get all people who ought to have been paid on Friday paid instantly. To assist with this, we now have engaged some outdoors specialists to assist the FDIC shortly decide that the suitable factor to do is to unfreeze payroll firms like Patriot Software program in order that the tens of hundreds of workers awaiting their Friday paycheck will obtain it instantly. After all, I can’t make any guarantees for the FDIC – aside from to reiterate what they wrote of their memo linked above, which states “All insured depositors can have full entry to their insured deposits no later than Monday morning, March 13, 2023.”
#2) We’re working with 3 completely different banks to right away exchange SVB completely from our world. We’re very optimistic that we will get this executed in 2-3 enterprise days, which is unbelievably quick for bankers. So we’re anticipating to regain regular operations this coming week, which means that we anticipate that every one Patriot clients will be capable of safely run their payrolls with direct deposit later this week, with out experiencing additional banking drama.
Lastly, I need to let you know this: I’m so sorry for you, our clients, your workers, and our total Patriot group that didn’t obtain paychecks Friday. We’ll do all the things in our energy to speak to you as we study extra from the FDIC as they start releasing funds from the SVB accounts.
I’ve been in enterprise for over 40 years, and I do know moments like this are tough for all of us. I began within the basement of a manufacturing unit with no warmth, no air-con, flooring that may flood, and no clients. My solely guests had been rats, birds, flies, and snakes. I toiled and was in a position to develop that enterprise into just a few medium-sized companies, after which lastly on to Patriot Software program as a big enterprise. So, I do know the kinds of struggles you face, as a result of I’ve confronted them too. Because of this I would like you to know that this banking screwup will not be going to cease Patriot or our American clients from transferring ahead. It’s solely a brief pace bump that can shortly go. Once more, we’ll replace you as we study extra. And I need to thanks on your persistence, belief, and for sticking with us!
Sincerely,
Mike Kappel, CEO of Patriot Software program