EXHIBIT 31.2







Form of Quarterly Certification Required

by Rules 13a-14 and 15d-14 under the Securities
Exchange Act of 1934

I, L’Sheryl D. Hudson, certify that:



| | 1. | I have reviewed this Quarterly Report on Form 10-Q of Equus Total Return, Inc.;
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| | 2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report;
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| | 3. | Based on my knowledge, the financial statements, and other financial information included in
this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;
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| | 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
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| | a. | Designed such disclosure controls and procedures. or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report
is being prepared;
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| | b. | Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted
accounting principles;
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| | c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the
period covered by this report based on such evaluation;
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| | d. | Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s first fiscal quarter in
the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s
internal control over financial reporting, and;
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| | 5. | The registrant’s other certifying officers and I have disclosed, based on our most recent
evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s
board of directors (or persons performing the equivalent function):
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| | a. | All significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and
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| | b. | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal controls.
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Dated: May 12, 2020





|EQUUS TOTAL RETURN, INC.   
|---------------------------
|                           
|/s/
    L’Sheryl D. Hudson 
|L’Sheryl
    D. Hudson     
|Chief
    Financial Officer