On May 14, 2024, in the District of Idaho, Luis Vasquez was indicted for bank fraud, related to a fraudulent Paycheck Protection Program (PPP) loan application. 

The indictment alleges that, beginning in January 2021, Vasquez obtained an Employer Identification Number from the Internal Revenue Service (IRS) for Luis J Vasquez Enterprises. Vasquez subsequently submitted false and fraudulent documents to the Idaho Central Credit Union, including a Small Business Administration Form 2483 PPP loan application, for a PPP loan on behalf of Luis J Vasquez Enterprises in the amount of $51,614. The PPP application falsely claimed that Luis J Vasquez Enterprises had 11 employees; had average monthly payroll expenses of $13,783; was in operation on February 15, 2020; and had employees for whom it paid salaries and payroll taxes. Based upon the false statements in the PPP application and supporting documentation, ICCU funded the loan by disbursing $51,614 in April 2021.

Vasquez used the PPP loan funds for non-qualifying, non-business-related purposes, including, among others, payments to himself and other individuals who did not work for the business entity, and payment of personal expenses in violation of the terms of the PPP loan agreement.

Source: The facts in this case narrative come from the following publicly available document, D. Idaho indict. filed May 14, 2024