Reach out to your lender for assistance. How to apply for forgiveness.Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. Learn more about PPP loan forgiveness. SBA loans are based on the borrower's credit worthiness and repayment ability, and repayment terms can be up to 30 years. Repayment –SBA must determine that the applicant business has the ability to repay the SBA loan. Does this program offer loan forgiveness? Implementation of a Deferred Payment Period. In the program, banks share a portion of the risk of the loan with SBA. SBA's Economic Injury Disaster Loan Program.