Lee Price III, 30, was sentenced to 110 months on wire fraud and money laundering counts, the Justice Department said. He pleaded guilty in September.
The Houston man received $1.6 million in loans from the Paycheck Protection Program (PPP), passed by Congress in March 2020 to help businesses affected by the Covid-19 pandemic.
According to the official criminal complaint against Price, he started spending that PPP money almost immediately on lavish items, including a $233,000 Lamborghini Urus, an $85,000 Ford F-350 pickup truck and a $14,000 Rolex.
Prosecutors say he also spent thousands of dollars at Houston nightclubs and strip clubs, and more than $100,000 to lease office space in Memorial City.
The Department of Justice, along with law enforcement partners, seized over $700,000 of the funds Price fraudulently obtained, court documents said.
At least 120 people have been charged with fraud related to the PPP, the Justice Department said in March.