Card stack
New York's Strand Bookstore to repay nearly $1.5M after improperly receiving federal loan
Compiled Nov 5
What happened
The Strand Bookstore will repay nearly $1.5 million for improperly receiving a pandemic-era small business loan, according to the DOJ.
The detail
The Strand was ineligible because owner Nancy Bass Wyden is the wife of U.S. Sen. Ron Wyden, a Democrat from Oregon.
The detail
In 2021 the Strand applied for a second draw PPP loan of $932,350, which required certifying no member of Congress had a controlling interest in the business.
The detail
The Strand had previously received a PPP loan in 2020 that did not require the same certification.
How it unfolded
1927: Benjamin Bass founds the Strand Bookstore. · March 2020: Lockdowns begin; Bass Wyden furloughs 188 of 217 employees. · June 2020: Strand brings back 30 workers after receiving a PPP loan of between $1 million and $2 million. · 2020 (unspecified, after June): Strand lays off 12 workers some weeks later. · October 2020: Bass Wyden appeals to the public to shop at the Strand amid a #savethestrand campaign. · 2021: Strand applies for a second draw PPP loan of $932,350. · Tuesday: DOJ announces settlement requiring Strand to repay nearly $1.5 million.
By the numbers
$1.5 million Amount Strand must repay · $932,350 Second draw PPP loan amount · 188 of 217 Employees furloughed · 25,000 Online orders · $115,000 Amazon stock purchased
Still unresolved
The Associated Press sent an email requesting comment to the Strand, with no response noted in the article.