Strand bookstore to pay nearly $1.5 million over Covid loan tied to Sen. Wyden's wife

The Strand bookstore has agreed to pay nearly $1.5 million to settle claims over a Paycheck Protection Program loan that its owner, Nancy Bass Wyden, was ineligible to receive because she is married to Sen. Ron Wyden (D-Ore.). Bass Wyden, whose grandfather founded the New York City institution, certified the loan application even though businesses owned by members of Congress were barred from the pandemic aid program. The settlement resolves the conflict-of-interest issue that arose after the loan became public. The case highlights the strict eligibility rules attached to PPP funds and the scrutiny applied to borrowers with political connections. Watch for whether other similarly situated borrowers face comparable clawbacks.