NYC's Strand Bookstore to Pay $1.5M to Settle Covid Loan Dispute
The iconic Manhattan bookstore will pay nearly $1.5 million after improperly receiving a pandemic relief loan tied to a senator's spouse.
The Strand, one of New York City's most storied independent bookstores, has agreed to pay nearly $1.5 million to resolve allegations that it improperly received a Paycheck Protection Program loan during the COVID-19 pandemic, according to US Top News and Analysis.
Nancy Bass Wyden, the owner of the landmark Manhattan shop and wife of Oregon Sen. Ron Wyden, had signed off on the PPP loan application. Federal rules barred members of Congress and their immediate family members from receiving funds through the program, making the Strand's loan ineligible from the outset.
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The Strand traces its roots back decades — Nancy Bass Wyden's grandfather originally founded the bookstore, which has grown into a beloved cultural institution known for its 18 miles of books. The store survived the economic upheaval of the pandemic, in part by rallying strong public support, but the government loan it accepted during that period carried legal complications due to its owner's familial ties to a sitting senator.
The settlement underscores ongoing federal scrutiny of how pandemic relief funds were distributed and whether recipients met eligibility requirements. Authorities have pursued a wide range of businesses and individuals believed to have improperly obtained PPP funds, with recoveries collectively amounting to billions of dollars nationwide since the program's rollout in 2020.
Continue reading at US Top News and Analysis.
