Smallwood, 31, was also ordered to pay $645,000 in restitution during this sentencing this week.
He pleaded guilty to the charges back in December.
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Prosecutors said Smallwood submitted fraudulent tax returns and applications for pandemic aid, including the Paycheck Protection Program and the Economic Injury Disaster Loan Program.
Authorities said he stole over $500,000 in 2020 and 2021. He also submitted false tax returns to the tune of $110,000.
He used defunct or recently registered businesses and provided false information about the scale of their operations, such as start dates, revenue amounts, expenses and number of employees, investigators said.
Some were under his name, while others were under other people's names.
In one scheme, Smallwood used false information when he applied to the Economic Injury Disaster Loan Program for loans for three businesses under his name. The U.S. Small Business Administration approved loans of just over $46,000, prosecutors said.
In a separate scheme, Smallwood submitted fraudulent applications in the names of at least 13 other people for the Paycheck Protection Program, prosecutors said.
A bank disbursed loans of nearly $270,000, from which Smallwood received kickbacks in return for preparing and submitting the applications, prosecutors said.
The Eagles drafted Smallwood out of West Virginia University in 2016. He played three seasons in Philadelphia and was part of the team's Super Bowl-winning roster in 2017.
He later spent time with the Pittsburgh Steelers and Washington Commanders.