Overall meaning : Those who like acts of gross indecency and immorality to spread among the believers will suffer a painful torment in in this life and in the life to come. Allah knows and you only know what Allah has taught you. Had it not been for Allah’s indulgence and mercy towards you and that He is gracious and merciful, He would have hastened to punish you.
Believers, do not follow Satan and his evil ways. Whoever follows Satan’s evil ways will certainly fall into error and disobedience; for he enjoins only indecency and abominable acts. Had it not for Allah’s grace and mercy towards you, none of you would ever have been purified and cleansed from the filthy stains of sins. But Allah purifies whom He wills, all by His infinite grace and bounty. Allah hears everything you say and knows your actions and intentions.
Those of you who have been graced with Allah’s favour and abundance of wealth must not withhold their support from their relatives, the needy and the Emigrants (the Muhaajiroon) who were involved in circulating the false rumour. They should forgive and forget their offence and be gracious to them. Would you not like Allah to forgive you? Allah is All-Forgiving, All-Merciful despite His perfect power to inflict punishment on the wrongdoers.