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The Silicon Valley Bank and Signature Bank Closures

Mary Thomforde

Mary Thomforde

The Silicon Valley Bank and Signature Bank Closures: How You Can Help with a Hardship Relief Fund

Compassion for Others

In light of both Silicon Valley Bank and Signature Bank collapsing and closing, our team at Philanthropi wants to take a moment to recognize how jarring and brutal events like this can be for businesses and their employees. 

If you aren’t patrons of these banks, then it might not seem like that big of a deal to wait out the weekend for your funds to become available. But for many individuals, it is. 

That’s why we created a solution that will allow you to help your employees with Philanthropi’s Hardship Relief Fund (HRF). Bank shutdowns can really create disruption and difficulty for the people and communities they serve, so it’s crucial that we do our part to help when we can and as soon as we can– and we know that HRFs are a great way to do that. 

Bank Closure Repercussions 

Before we get into how you can use Philanthropi to establish an employee hardship program to help your employees get through significant hardships, we’ve compiled some of the key hardships that bank shutdowns can trigger below. 

Loss of Deposits

If the bank is unable to return customers’ deposits, it can be a significant financial blow for account holders, especially those who have large sums of money in the bank. This loss of deposits can cause financial stress and hardship for employees and their families.

Limited Access to Funds

When there’s a bank shutdown, customers may not have access to their funds for a period of time until the bank’s affairs are resolved. This can be a significant hardship for people who rely on their bank accounts to pay bills, make purchases, and meet their daily needs.

As we’ll get into in more detail below, employee relief funds like Philanthropi’s HRFs can make a significant difference in someone’s life when unexpected hardships occur. 

Disruption to the Local Economy

Banks are often significant contributors to the local economy, providing jobs, loans, and other financial services to the community. When a bank collapses and closes, it can cause a ripple effect on local economies, causing further strain on both businesses and individuals.

How You Can Help with HRFs

As we witness this quick succession of banks closing, we are reminded of how any one of us might find ourselves in this situation. It’s important that we support each other during unexpected times of adversity– and that often entails immediate financial support. 

And that’s why we want to tell you about our service at Philanthropi that you can use to help your employees, the Hardship Relief Fund, or HRF

With a Hardship Relief Fund, your business can help provide financial relief to employees experiencing a time of unexpected need. And the best part? The Philanthropi HRF grant is tax-exempt for eligible employees. 

We know that prioritizing your business means prioritizing your employees. By starting an HRF grant with Philanthropi, you’re doing your part to ensure your employees’ well-being. 

Don’t wait for the hardships to happen, create a community of empowerment and support today. Don’t hesitate to reach out for a walkthrough of what an HRF can do for your business today.

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