Explained: New York's Strand Bookstore to repay nearly $1.5M after improperly receiving federal loan

The Strand Bookstore will repay nearly $1.5 million for improperly receiving a pandemic-era small business loan, according to the DOJ.

Paycheck Protection Program (PPP)

A pandemic-era federal loan program intended to help small businesses keep paying employees.

Second draw loan

A follow-up PPP loan businesses could apply for after receiving an initial loan, with added eligibility requirements.

DOJ

U.S. Department of Justice, the federal agency that announced the settlement.