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Strand bookstore to pay nearly $1.5 million over Covid loan tied to Sen. Wyden's wife

The Strand Bookstore in New York City has agreed to pay nearly $1.5 million to settle claims that it improperly received a Paycheck Protection Program (PPP) loan during the Covid pandemic. The bookstore, owned by Nancy Bass Wyden, was ineligible for the loan because her husband, Senator Ron Wyden, has a controlling interest. The bookstore applied for and received $932,350 in relief funds.

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  • ✓ The Strand Bookstore will pay $1,482,560 to settle claims over pandemic relief funds.
  • ✓ The bookstore was ineligible for the loan because owner Nancy Bass Wyden is married to U.S. Senator Ron Wyden.
  • ✓ The Strand Bookstore received $932,350 in relief funds.
  • ✓ The bookstore applied for a second draw loan under the Paycheck Protection Program (PPP) for which it was not eligible.
🛡️ Source Corroboration: 11 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

The Strand Bookstore has agreed to pay $1,482,560 to resolve allegations that it improperly received a PPP loan, as announced by the US Department of Justice.

Live updates

  1. Strand bookstore to pay $1.48 million over Covid loan tied to Sen. Wyden's wife

    The Strand Bookstore in New York City has agreed to pay nearly $1.5 million to settle claims that it improperly received a Paycheck Protection Program (PPP) loan during the Covid pandemic. The bookstore, owned by Nancy Bass Wyden, was ineligible for the loan because her husband, Senator Ron Wyden, has a controlling interest. The bookstore applied for and received $932,350 in relief funds.

    Why it matters

    The case involves a pandemic-era small business loan program that required applicants to certify that a member of Congress did not have a controlling interest. The Strand Bookstore had previously received a loan in 2020 without the same requirement. The bookstore is a cultural fixture in New York, known for its '18 Miles of Books'.

    What is confirmed

    • The Strand Bookstore will pay $1,482,560 to settle claims over pandemic relief funds.
    • The bookstore was ineligible for the loan because owner Nancy Bass Wyden is married to U.S. Senator Ron Wyden.
    • The Strand Bookstore received $932,350 in relief funds.
    • The bookstore applied for a second draw loan under the Paycheck Protection Program (PPP) for which it was not eligible.

    What to watch next

    • The bookstore's future operations and any potential impact on its ownership structure
    Sources used for this update (11)
    1. CNBC — Strand bookstore to pay nearly $1.5 million over Covid loan tied to Sen. Wyden's wife
    2. FM News 101 KXL — Bookstore Owned By US Senator Ron Wyden’s Wife Settles PPP Loan Case
    3. Bloomberg Law News — NYC Book Store Owned by Senator’s Wife Settles Covid Aid Dispute
    4. www.tokenpost.com — Strand Book Store Agrees to $1.48 Million PPP Loan Settlement
    5. Traders Union — Strand Book Store received $932,350 in relief funds, Jeanine Pirro notes
    6. www.whec.com — New York’s Strand Bookstore to repay nearly $1.5M after improperly receiving federal loan
    7. www.cnbc.com — Strand settles PPP loan case involving Sen. Ron Wyden's wife
    8. www.justice.gov — Strand Book Store, Inc. to Pay Nearly $1.5 Million for ...
    9. nypost.com — Iconic NYC Strand bookstore to pay $1.5M for taking off ...
    10. www.foxbusiness.com — NYC bookstore owned by Dem senator’s wife to pay $1.5M over ...
    11. www.kezi.com — “The Strand” Bookstore Settles Improper PPP Funds
    confidence 100%
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