Ron Wyden’s Wife Raked in PPP Loans While Laying Off Hundreds

Oregon Democratic senator Ron Wyden warned early in the pandemic that wealthy business owners could abuse the Paycheck Protection Program. Financial disclosures suggest his wife did just that.

Nancy Bass Wyden, the multimillionaire owner of New York's Strand bookstore, received $2.7 million in Paycheck Protection Program loans between 2020 and 2021 and nonetheless went on to lay off 180 employees. Small businesses were eligible for the federally forgiven loans on the condition that they used a majority of the funds to keep employees on the payroll. In October 2020, Bass Wyden told CBS News that the Strand would not rehire many of those employees and that the store would "have to give back part of the loan due to the forgiveness rules."

But as of September of last year, the federal government had forgiven both loans, ProPublica reported. The Small Business Administration declined to comment and the Strand did not respond to the Washington Free Beacon's requests for comments on the loans.

The Paycheck Protection Program came under fire in 2020 for shelling out millions to billionaire real estate investors. Other family members of Democrats also got in line for handouts, including the multimillionaire father of then-Senate candidate Jon Ossoff (D.) who scored as much as $1 million from the program. Businesses like the Strand were able to line their pockets and lay off dozens of workers without rehiring them as long as 60 percent of the money went to payroll expenses.