Don't know if it's allowed, but I would doubt that it is. I wouldn't advise sleeping on the beach either way. It's just not safe. If money is the issue there is a campground right across the street from Levela's and Spinaker's, Campers Inn,
campersinn.net Camper's Inn does allow tenting. There's a pool, convinence store and washrooms with showers. Try that. Don't sleep on the beach.