EDD provides relief to Silicon Valley Bank customers

In response to the appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank to help insured depositors, the EDD will waive any penalty for late payroll tax for companies that did business with the bank. (EDD News Release 23-10 (March 10, 2023))

The EDD has determined that the Silicon Valley Bank situation could make it difficult for some employers to timely pay payroll taxes. The EDD is exercising its authority under state law to waive any penalty against any employer who is unable to pay the tax when due.

Employers can submit a waiver request through e-Services for Business or in writing.