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Sba 1050 Form: What You Should Know

Revised SBA Form 1050 Settlement Sheet — HAROLD Best Practices: SBA Form 1050 and Other Disbursement May 19, 2024 — SBA Form 1050 is used to document and verify that all proceeds from the loan have been distributed and what the specific purpose for the distribution is. (Revised SBA Form 1050 has the following additional instructions to fill in by date the funds were paid out: “A. Identify the use of the funds as follows: (1) Cash. (2) Purchases of property. (3) Income-producing investments. (4) Sales of income-producing investments.”) Best Practices: SBA Form 1050 and Other Disbursement “Annual Certification” — The SBA Form 1050, Settlement Sheet (SBA Form 1050), is to be sent to the loan holder (borrower) within 31 days from the date the loan disbursement is made. The SBA Form 1050 can also be submitted electronically, with the payment made by check or credit card, to the Loan Processing System by selecting File: 1049 Form 1050. The SBA Form 1050 must contain the following: a) the name or pseudonyms of all the parties; b) the loan ID number of the new loan or series of loans; c) the interest rate of the loan (e.g., 8.25 percent); d) the name and address of the person to whom disbursements are disbursed (person-by-person, at the location where the borrower or borrower-binder lives, not across-all-loans); e) a copy of the Form 5500 (SBA Form 5500 and other documents used) and a photocopy of the Certificate of Disbursements, with the loan ID number of the new loan(s); f) the Loan Proceeds Certification (SBA Form 10-50-3) and one of the following: a) An explanation about why the loan proceeds were disbursed to a Lender or a Borrower (e.g., “The funds were to be paid to the borrower in a lump sum by the borrower's estate”); h) An explanation why the funds were used to pay for other things, including: A. Income-Producing Investments (e.g., A loan that produced an amount that could grow to a large sum”); B. Property Purchase and Sale (e.g., a large house purchased); C.

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