Question regarding bank loan

[nasirhassan]

Dear gurus hi,
I am a silent member of this forum and following this forum quite long ago. i have a question about a bank loans.
I have small company, as my business struggled during pandemic i took two bounce back loans instead of one from two banks one worth 21k in May and second one in worth 22K in august because business needed extra funding. My question is did I broke any good character requirement or not because i am on ILR and it will be year next month and i will be filling for naturalisation application in next month.
A friend of mine has told me that you have committed mistake by taking two loans as you could get one loan only as it is a government bounced back loan and its interest free for one year which means government will be paying your interest on two banks while you are allowed to have one loan only.
I am really confused over it, I am thinking to repay one loan in full, i have checked my credit history a week ago and its not showing on my credit file either of these loans are not shown on my file. The bank is not a government organisation am i right?
Please guys and guru's advise if i have acted illegally or not, did i broke the good character requirement or not. And do i need to inform Home office about the loans in my naturalisation application . i will pay loan any way, the maximum amount for bounced back loan is 50K and the amount which i took is 43K in total.
Senior members and guru's please help me and advise me if i need to wait for three years or not.
Many Thanks.

[CULLINAN]

Sorry to be harsh but what you did is a fraud. This is another example how bounce bank loan scheme is being abused and tax payers money is looted. Anyways have you thought about the consequences??

Government agencies have been very clear that deliberate cases of fraud can expect the full force of the law.

If this fraud is known to the relevant authorities, you risk prosecution and criminal charges. If you are convicted, you will not be able to apply for AN for a minimum of 3 years or more depending on the penalty imposed.

Also, if you get away with it, you have to declare it in your company accounts. HO does carry out checks with HMRC and you could face trouble.