What we know
What we know: New York's Strand Bookstore to repay nearly $1.5M after improperly receiving federal loan
Compiled Nov 5
What we know
- The Strand Bookstore will repay nearly $1.5 million for improperly receiving a pandemic-era small business loan, according to the DOJ.
- The Strand was ineligible because owner Nancy Bass Wyden is the wife of U.S. Sen. Ron Wyden, a Democrat from Oregon.
- 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 Strand had previously received a PPP loan in 2020 that did not require the same certification.
- Bass Wyden said the mistake was unintentional and that funds were returned once the issue came to light.
- A spokesperson for Sen. Wyden's office said he had no involvement in the loan or settlement.
What we don’t know yet
- The Associated Press sent an email requesting comment to the Strand, with no response noted in the article.
Open questions
- Will the Strand respond to the AP's request for comment?
- What specific rule changes made the second loan ineligible compared to the first?
- Are there any additional penalties beyond repayment?
- Did Sen. Wyden have any awareness of his wife's loan application at the time?
Drawn from the Associated Press report. “What we don’t know” lists only what the reporting itself flags as unresolved.