The enforcement action concluded an inquiry into an improperly issued $932,350 second-draw loan granted in February 2021. Federal authorities maintained that Nancy Bass Wyden improperly certified the business was eligible despite her marriage to the sitting lawmaker. The store maintained that the paperwork error was unintentional amid confusing regulatory shifts, noting that third-party financial advisors also missed the statutory update. Whistleblower entity Blockquote Inc. initiated the initial complaint and will receive a portion of the recovery funds.
Key points
Second-round relief funds explicitly prohibited participation from businesses controlled…: Second-round relief funds explicitly prohibited participation from businesses controlled by congressional spouses.
The finalized settlement resolved the matter without establishing any legal liability for…: The finalized settlement resolved the matter without establishing any legal liability for the bookstore.
Store leadership attributed the improper application to an honest oversight by accountant…: Store leadership attributed the improper application to an honest oversight by accountants during the public health crisis.
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The Strand, the iconic New York City bookstore, agreed to pay nearly $1.5 million in a civil settlement for accepting a Covid government loan that was off-limits because the store is owned by the wife of Oregon Democratic Sen. Ron Wyden, according to the U.S. Attorney's Office in Washington, D.C.
The Strand applied for the $932,350 loan in February 2021 from the Paycheck Protection Program administered by the Small Business Administration, U.S. Attorney Jeanine Pirro's office said Tuesday.
Store owner Nancy Bass Wyden certified on the loan application that "the spouse of a Member of Congress does not directly or indirectly hold a controlling interest in the applicant," Pirro's office said.
"Ms. Wyden's certification was knowingly and materially false and Strand was not eligible for the second draw loan it received," the office said.
The Strand will pay $1,482,560 to settle the case. There was no determination of liability by the store, Pirro's office said.
The Strand, in a statement, said the store made an "unintentional" mistake in applying for the loan, and said it was unaware at the time…
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