Strand bookstore to pay $1.5m over ineligible Covid loan

Summarised from 2 outlets · Updated 4 Nov, 17:27 · Archive

The Strand bookstore has agreed to pay nearly $1.5 million for accepting a Paycheck Protection Program loan it was ineligible for because its owner is married to a US senator.

The Strand bookstore, an iconic Greenwich Village landmark founded in 1927, has agreed to pay $1,482,560 to settle a civil case brought by the U.S. Attorney's Office in Washington, D.C. The settlement concerns a $932,350 Paycheck Protection Program loan the store applied for in February 2021.

The loan application required certification that no spouse of a Member of Congress held a controlling interest in the business. Nancy Bass Wyden, the store's owner and granddaughter of founder Ben Bass, is married to Oregon Democratic Senator Ron Wyden, who has served for more than 30 years. The store's application contained a certification that was 'knowingly and materially false', according to the Attorney's Office.

The Strand said it made an 'unintentional' mistake in applying for the loan and was unaware that businesses owned by the spouse of a member of Congress were barred from the programme. The settlement does not include any determination of liability, the Attorney's Office said. The Paycheck Protection Program was established under the Coronavirus Aid, Relief, and Economic Security Act passed by Congress in March 2020.

How it is being reported

• Iconic NYC landmark Strand Bookstore to pay $1.5M for taking off-limits COVID loanThe Strand Bookstore – the iconic NYC landmark that’s been in business for almost a century – has agreed to pay nearly $1.5 million for accepting a COVID-era loan that was off-limits since the store’s owner is married to a US senator, the Department of Justice said Tuesday.New York Post · 4 Nov, 17:17
• Strand bookstore to pay nearly $1.5 million over Covid loan tied to Sen. Wyden's wifeNancy Bass Wyden, whose grandfather founded the New York City bookstore, had signed off on the PPP, which was off-limits because she is a senator's wife.CNBC · 3 Nov, 22:38

In this story: Strand bookstore · Nancy Bass Wyden · Ron Wyden · New York City · Oregon

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