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Strand settles PPP loan case involving Sen. Ron Wyden's wife
CNBC • • business
Key Points:
- The Strand bookstore agreed to pay nearly $1.5 million to settle claims for improperly receiving a second Paycheck Protection Program (PPP) loan, as the store is owned by Nancy Bass Wyden, wife of Oregon Senator Ron Wyden, making it ineligible under PPP rules.
- Nancy Bass Wyden certified on the loan application that no spouse of a member of Congress held controlling interest, which was found to be knowingly false by the U.S. Attorney's Office in Washington, D.C.
- The settlement resolved a qui tam lawsuit filed by Blockquote Inc., a whistleblower entity, which will receive about $148,256 from the recovery; the lawsuit details remain sealed.
- The Strand stated the loan application mistake was unintentional and due to lack of awareness of new PPP restrictions enacted between funding rounds, emphasizing the unprecedented context of the pandemic.
- Senator Ron Wyden's office confirmed he had no involvement in the loan or settlement and that he and his wife do not discuss her business matters.
