SBA Form 2202 – SBA Form 2202 Schedule of Liabilities – The Small Business Administration (SBA) issued the most recent version of the form in November 2011. A printed version of the SBA Form 2202 that is up-to-date is available for download below:
What Is SBA Form 2202 And How Do I Use It?
The Small Business Administration SBA Form 2202, Schedule of Liabilities, is a method for detailing all fixed obligations that should be included in a company’s balance statement. It is recommended by the SBA. Small company owners must complete this form in order to be considered for an SBA Disaster Loan.
A catastrophe loan from the Small Company Administration (SBA) may be obtained by business owners who have experienced physical or economic damage as a result of a state-or federally-declared disaster. There are a variety of financing alternatives accessible to companies, including the following:
- Businesses that have suffered damage or destruction to their property, real estate, or equipment may be eligible to qualify for a Business Physical Disaster Loan.
- A company owner may apply for an Economic Injury Disaster Loan in order to recover from economic loss (regardless of whether or not physical damage has occurred).
- If a firm relies on a critical employee who is a military reserve who has been summoned to active service, the Small Business Administration (SBA) provides the Military Reservists Economic Injury Loan to cover operational expenditures.
When applying for a disaster loan, the SBA Form 5 (Disaster Business Loan Application) is the most important form to complete, with the SBA Form 2202 serving as an integral element of the application process. An itemized inventory of all lost or damaged things, as well as information on the expenses associated with repairing or replacing each item, is needed by the SBA 5. In addition, the form includes information on available insurance, the insurance company, the insurance policy number, and copies of the policy’s declarations. The form also requires information about the insurance company.
Instructions for SBA Form 2202
The paperwork is being issued without any formal filing instructions having been supplied. To complete the form, please follow the instructions below, which are broken down into steps.
The SBA Form 2202 must be completed in its entirety
Form 2202 of the Small Business Administration is merely a recommended format; applicants may choose to use their own format if they so like. The format chosen by the applicant must have all of the relevant information in order to be approved. Detailed descriptions should be provided for any and all long-term and short-term liabilities, such as accounts payable, notes payable, accrued wages, and mortgage payment obligations.
- First and foremost, the applicant must supply their name as well as the date on which the schedule will be made.
- The first column must include the names of all of the creditors.
- In the second column, you should enter the initial amount owed as well as the amount of money that has to be paid in full.
- The original due date must be included in the third column.
- The fourth column should include information regarding the current financial state of the applicant’s firm, and it should include the amount of the current balance.
- The fifth column should provide information on the current state of each liability.
- The final date on which all of the remaining interest is required to be paid is entered in the sixth column.
- In the seventh column, the exact payment amount for each responsibility should be recorded.
- The final column offers information on debt insurance. 10. Any kind of available insurance—such as insurance against loss due to accidents, life insurance on debt, critical illness insurance, and disability insurance—must be specifically identified and stated.
In addition to the loan application packet, the completed SBA Form 2202 should be signed and dated by the applicant and sent with it.