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.Existing borrowers may be eligible for PPP loan forgiveness. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement. As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. The Forgiveness application requires Borrowers to submit to the Lender (Wallis Bank). The SBA has released revised guidance on PPP Loan Forgiveness for Borrowers. Note: You must be in the Direct Loan Program and in one of the correct repayment plans to qualify for this forgiveness. Coronavirus Disease 2019 (COVID19).