During the coronavirus pandemic, the SBA (Small Business Administration) delivered a record number of its traditional loans. These kinds of loans can help struggling small businesses get access to credit that they normally wouldn’t be able to utilize. For many companies, this is a lifeline that allows one’s business to survive and grow.
But before you can get an SBA loan, you need to make sure that you properly fill out the SBA form. How do you do that?
That’s a great question. And we have the information that you are looking for. So keep on reading if you would like to learn more and we will take you through everything that you will want to know!
Fill in Basic Business Information
The first step to completing an SBA form 2022 is easy. You just need to provide your personal contact information. If you are married, then you’ll also give your spouse’s financial information.
You’ll also need to include the date up to which your provided information is accurate. This is important in regard to valuations, which need to be as current as possible.
It is a good idea to enter the last day of the month before the month that you are applying. You also will want to keep in mind that your form needs to be dated within three months of your business loan application.
Add Information About Your Assets
After you fill in all of your basic information at the start of the SBA personal financial statement, you’ll have to start working on the Assets section.
When you fill out this section, you are going to include information with regard to your assets. You’ll have to round the valuations to the nearest dollar.
Add Information About Your Liabilities
Next, you are going to need to start writing information about your liabilities. Here, the same rules are going to apply as they do for the assets. You are going to list the liabilities on your books as an individual.
If you are married, you are going to include the liabilities that you hold along with your spouse.
Once more, you are going to round the valuations up to the closest dollar amount.
Add Your Source of Income and Contingent Liabilities
After you have filled in the liabilities and assets sections, you are going to move on to the last part. In this part, you are going to include your contingent liabilities and source of income.
The Importance of Knowing How to Fill Out an SBA Form
Hopefully, after reading the above article, you now know how to fill out an SBA form. As we can see, you’ll need a lot of information on hand but it isn’t that difficult to fill out.
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