The SPM Catalog 2.0 provides positions, absolute proper motions and photographic BV photometry for over 320,000 stars and galaxies. The Catalog covers an area of ~3700 square degrees in an irregularly bounded band between declinations of -43 and -22 degrees, with a slight extension near the South Galactic Pole, but excluding fields in the plane of the Milky Way. Stars cover the magnitude range 5<V<18.5. The standard errors for the best measured stars are as follows: 20 mas for positions in each coordinate; 2mas/yr for absolute proper motions and 0.05mag for B and V magnitudes. Standard error estimates of positions, absolute proper motions and magnitudes are given for each individual object. In addition to the Catalog, a list of CCD calibrating sequences is provided. Note that all fields (and objects) contained in the 1.0 version of the Catalog are also included in this version. The values of the astrometric parameters for these objects, however, may be different due to refinements in the reduction procedure, (i.e. the SGP fields were re-reduced for inclusion in the SPM catalog 2.0).