SBA Form 2202, Schedule of Liabilities
What Is SBA Form 2202?
SBA Form 2202, Schedule of Liabilities is a format suggested by the Small Business Administration (SBA) for describing all fixed debts that should supply a balance sheet. The form is used by small business owners when applying for an SBA Disaster Loan.
The latest version of the form was released by the SBA in November 2011. An up-to-date printable SBA Form 2202 is available for download below:
Owners of any business that suffered physical or economic damage because of a state-declared or federally-declared disaster can apply for an SBA Disaster Loan. There are several different loan options available to businesses:
- Business owners can apply for the Business Physical Disaster Loan to recover damaged or destroyed property, real estate or equipment.
- To recover from economic damage (regardless of physical damage), the business owner may apply for an Economic Injury Disaster Loan.
- If the business has an essential employee who is a military reservist called to active duty, the SBA offers the Military Reservists Economic Injury Loan for operating expenses.
The SBA Form 5 (Disaster Business Loan Application) is the main form in the disaster loan application process with the SBA Form 2202 being an essential part of the application. The SBA 5 requires a list of all destroyed or damaged items and the information about the costs required to repair or replace each item. The form also requires information about available insurance, the insurance company, insurance policy number, and copies of the policy’s declarations.
SBA Form 2202 Instructions
The form is distributed without any officially-provided filing guidelines. Step-by-step instructions for completing the form can be found below.
How to Fill out SBA Form 2202?
The SBA Form 2202 is only a suggested form - the applicant may decide to use their own format if they wish. The applicant-selected format must contain all of the necessary information to be accepted. All long-term and short-term liabilities - such as accounts payable, notes payable, accrued payroll, and mortgage payments - should be described.
- First, the applicant has to provide their name and the date when the schedule is prepared.
- The first column requires the name of each creditor.
- The original amount due and the amount of money that has to be paid should be entered in the second column.
- The third column requires the original due date.
- The fourth column is for the information about the current financial condition of the applicant business and must reflect the current balance amount.
- The status of each liability should be specified in the fifth column.
- The sixth column is for entering the final date when all the remaining interest is due to be paid.
- The actual payment amount for each liability should be entered in the seventh column.
- The last column contains debt insurance information. Any form of available insurance - insurance against loss due to accidents, life insurance on debt, critical illness insurance, disability insurance - must be specified.
The completed SBA Form 2202 should be signed and dated by the applicant and submitted with the loan application package.