Once I submit my forgiveness application, how long will it take to learn if my loan was forgiven? We will let you know when it’s your turn to apply for forgiveness. Once MoFi receives your complete forgiveness application, we have 60 days to review and process it. Once we approve the application internally, we will submit it to the Small Business Administration (SBA). After receiving your application from MoFi, the SBA has 90 days to review it. We will contact you once your loan has been forgiven.