All borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes.Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. Loan Eligibility Restrictions: Noncompliance Applicants who have not complied with the terms of previous SBA loans may not be eligible. As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. In order for the SBA to process an offer in compromise, businesses must fill out SBA Form 1150. EIDL loans are not eligible for forgiveness. They are traditional loans that require repayment in full, including both the principal and accrued interest. You must apply for forgiveness through your lender, it is not automatic.