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Yes, this is unthinkably low for basically any area in the U.S. In many places, it'd be unthinkable to pay less than $150/night for a hotel room, but there are plenty of areas where you'd pay in the region of $50 - $100/night for a room.
Tax questions require that you specify your location. Note that the answer is almost certainly going to be, "because the government said so". You also seem to think they are simply returning your money, but that's not the case.
"hang out with him" you realise that's not what it means to be a sugar baby, right? Not that it actually matters here, as this was a financial scam rather than prostitution.
You are suggesting you sell low and then buy high (once the crisis has passed). In general, people advise doing things the other way around. Buy low, sell high.
