Strand Book Store Agrees to $1.48 Million PPP Loan Settlement
Photo: TokenPost
Strand Book Store, Inc. agreed to pay $1,482,560 to settle federal civil claims involving a pandemic loan that prosecutors allege the New York bookstore was ineligible to receive. The U.S. Attorney’s Office for the District of Columbia announced the agreement Tuesday, Nov. 3. The claims concern a $932,350 second-draw loan under the Paycheck Protection Program (PPP). The settlement makes no determination of liability. Strand applied for the loan in February 2021. Congress had added a rule in December 2020 barring second-draw PPP loans to businesses in which a member of Congress or their spouse owned at least 20%.
Source: TokenPost
