James Read of Mountain Home was sentenced to 63 months in a federal prison by Judge Holmes on three counts of money laundering, wire fraud, and making a false statement. The federal sentences will run concurrently according to reports.
The judge ordered Read to pay $277,827 in restitution immediately.
Read, the owner of Snowbird Bob LLC, plead guilty in March to illegally obtaining a pandemic relief loan and unemployment benefits according to authorities.
Read applied for a Payment Protection Program (PPP) loan from the Small Business Administration.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act loans were for businesses struggling during the pandemic with expenses, including payroll.
Prosecutors stated Read inflated wage and employee data about his business and falsified tax documents.
Read admitted to laundering the PPP loan proceeds by purchasing a new vehicle.
Read also plead guilty to a single count of wire fraud for trying to obtain unemployment benefits for himself and others in the state of Louisiana.
Read will surrender to federal authorities on Nov. 4 to begin his prison term.