Neither Jets spokespeople nor Bellamy's agent immediately returned the Daily Mail's request for comment.
Bellamy, 31, received a $1.24 million loan for his company, Drip Entertainment LLC, and then spent $166,774 of the proceeds at a casino and on jewelry and luxury items, prosecutors allege.
According to the Justice Department, Bellamy spent more than $62,000 in loan money at the Seminole Hard Rock Hotel and Casino in Florida. The 31-year-old athlete was released by the New York Jets on Tuesday and is now a free agent within the NFL.
Bellamy - who was cut by the New York Jets earlier this week - was charged in the Southern District of Florida with wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud. He wasn't expected to play this season and was put on the physically unable to perform list for a shoulder injury in May.
National Football League wide receiver Josh Bellamy was arrested Thursday after officials say he misused government loans meant to help struggling businesses survive the COVID pandemic on lavish items like Gucci, Dior and casino trips. On top of that, he withdrew more than $302,000.
"Josh Bellamy is a good and decent man, who is presumed innocent by our laws", the attorneys said.
PPP was created as part of the CARES Act to provide assistance to small businesses in need during a time of unprecedented government-mandated shutdowns and economic loss.
Numerous loans were approved, and at least $17.4 million was paid out.
If convicted, both the bank fraud and wire fraud charges carry lengthy prison sentences. we're talkin' decades.
"To inflate the size of these PPP loans, and the corresponding kickbacks, the conspirators relied on a variety of false statements, including by submitting falsified bank statements and payroll tax forms", the complaint reads.
Josh Bellamy #15 of the Chicago Bears warms up before the game against the Minnesota Vikings at U.S. Bank Stadium on December 30, 2018 in Minneapolis, Minnesota.