SBA EIDL ODA Form P-022 Step by Step Instructions for Resolution and Certification
In this video we give you step by step instructions on how to complete the SBA EIDL Loan Form P-022 Resolution and Certification. This EIDL Form P-022 is part of the SBA EIDL Loan application process and also part of the EIDL Loan increase application process.
This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
Hello from Freedom Tax Accounting. In this video, we’re going to show you how to complete the SBA form P-022 or the resolution and certification. This is a form that the SBA is making small business owners and self-employed people fill out in order to get the SBA EIDL loan or the SBA EIDL loan increase, okay.
Now, basically, let’s go straight to the form. So, this is the form that they are trying, they’re making you fill out, right, and we’re going to show you how to fill out this form if you are a corporation and LLC or self-employed. So, the first thing you need to do is put here on the top right, it says your application number and your SBA loan number. Now the best place to find these numbers is in your SBA EIDL loan contract on the contract. On the first page, on the top left, you’re going to see the SBA loan number. And on the top right, you’re going to see your application number four, right. Now, if you have not received an EIDL loan in the past, and you are applying for the first time, you do not have a loan number, but you do have an application number. Okay, so those are the numbers you put here. On this line here basically, you’re going to put your business name, if you are a corporation or an LLC, you put your business name, so it can be a sample LLC, or Corp, or Inc; so basically, you put your business name in this line.
Now, if you are self-employed. The interesting thing is, if you’re self-employed, or an independent contractor the SBA shouldn’t be asking for this document. But they are anyway. So, if you are self-employed independent contractor, and an SBA agent is telling you to fill out this form, what we recommend is that you reply to that agent, letting them know you’re self-employed, you’re an independent contractor, and you do not need to fill out this form. In some cases, it goes through. But in some cases, the agent is still self-employed, individuals fill out this form. If that’s your case, then just basically put your name, put your name, let’s say that it’s John Smith, but I would recommend to put here self-employed like that, just in case. Okay, so that’s the first line, then over here on this line, you’re going to put the same thing as the name of your business, so you can put sample Inc or Corp, or LLC, and if you’re self-employed, then it is going to be your name. And again, I would put self-employed like that just in case. Okay. So that’s what you put in this line.
And then here in this line, you put the total amount of the loan that you are applying for. So, if you’re applying for the max of $500,000, then you put here $500,000, so the total amount that you’re going for, that’s the amount that you put in this line. Okay, then you scroll down, and here is going to ask you for the name and the title of the owners. Now, if you are a corporation, then you put the name of the officers here. And here the title you put president, vice president, secretary treasurer, and you put the names. If you are an LLC, then you put the name of the owners of the LLC. And here you put member managing member, owner, whatever is your title in your LLC. If you are the only owner of the LLC, then put your name and the title, put owner, all right. Then you scroll down. And here it says in this line the representatives have and in this last line you put the name of your business again and again. You put if your inc, then put inc, you put a Corp if you’re Corp, if you are an LLC, you put LLC. If you’re self-employed, then it’s your name. And I would again put like that self-employed just in case. Alright, that’s how you fill out that part. And at the bottom, you put your name and the title, same thing is your name, your title, if you’re self-employed, put your name and self-employed. For example, if you’re self-employed, it’ll be your name. And then you’re put here self-employed. Alright. And here on this line here, you put your signature here, you put your date, and basically, you’re done. That’s what you need to do to fill out this form. Alright, so that’s basically how you fill it out.
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