What to Know Before you apply for a federal loan: If you have a credit report from a credit reporting agency that has a negative score for you, you’ll need to provide that information to SBA in order to apply for loan forgiveness.
To do this, you must fill out the SBA Loan Repayment Application.
Your application will be reviewed by the Office of the Inspector General, the agency that audits the federal loan programs.
This process is called the Loan Repays Act, and is similar to what happens for the federal unemployment benefits.
It’s important to note that SBA will not give you any benefits if you fail to file a timely application.
In addition, SBA does not offer loans to borrowers who have outstanding federal student loans, which are forgiven after 30 days of payment, or borrowers who owe more than $100,000 in federal student loan debt.
If you do not have a federal student or federal student-loan debt, you can apply for assistance through the Supplemental Nutrition Assistance Program (SNAP), which is the federal government’s version of food stamps.