What would you normally find on a Schedule of Liabilities form?

FAQ#: 274 published 8-5-2020 updated 12-11-2021

What would you normally find on a Schedule of Liabilities form?
Would some of you share some good examples with us all.
Resource Links

Updated Resource links to SBA Loan forms dated Sept. 4, 2021.

Be sure to read the SBA Form 2202 Instructions before making a comment. You will see the information the SBA is looking for. Then you can make your answer more specific to the form.

Help with the basics.

In accounting typically a schedule is a detailed report. The SBA is asking you for a detailed report of your Liabilities. This is going to be used to see if you have the ability to repay the loan you are asking for. Depending on the type of loan and the reason you are asking for a loan the ability to repay may be as simple as showing you have $50 cash in hand at the end of each month.

Now that you know a schedule is actually a report and you have seen the report form that the SBA offers and you have reviewed their very limited help file you are set to move to the next step which is determining your Liabilities.

Liabilities are what you owe others.

Think of this as "assets" fill your bank account and "liabilities" empty your bank account.

Liabilities are things you owe, things that empty your bank account, things you spend your earnings on as debt.

  • Suppliers you owe for products and services are a liability to your business and are paid from your earnings / assets.
  • Mortgages you pay.
  • Payroll costs / wages you pay.
  • Taxes you pay that are owed.
  • Banking or lenders debt, loans.
  • Accounts payable

What you might currently find in your accounts payable are utilities that cover your electricity, phone, gas, internet, water, sewer, garbage collection. These are current liabilities and generally do not make up what the SBA is looking for. These month to month expenses could be bundled as an expense so not to increase your liabilities but are not actually liabilities. To make your SBA application work better for you and not against you, you may want to omit these short term accounts payable items and focus on what contracts you have for payments of more than 12 months or long term liabilities.

 

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