Stephen Cornwell-Dobson, 44, provided incorrect turnover figures in order to access a greater loan, according to the Insolvency Service.
He has now been disqualified and the company, XS Rentals Ltd, has been liquidated.
During the Covid pandemic, the previous government introduced the BBL scheme to help companies try to survive.
The terms of the scheme were that businesses could apply for a loan of between £2,000 and £50,000, subject to a maximum of up to 25 per cent of turnover from the previous calendar year, or an estimated amount based from when a business started in 2019.
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