SBA Form 1150 Offer in Compromise

SBA Form 770 Instructions

1. The Borrower's name and their SBA loan number are entered in Box 1.
2. Boxes 2 through 5 require the Borrower's date of birth, full address, phone number, and Social Security Number.
3. Box 6 requires a description of the Borrower's current occupation. The duration of their current employment is provided in Box 7. Box 8 requires information about their current employer.
4. Box 9 is for specifying the Borrower's monthly income. The names and addresses of any other employers the Borrower worked for during the past three years are entered in Box 10 along with the periods of employment.
5. Box 11 requires the name of the Borrower's spouse. Boxes 12 to 17 require the spouse's date of birth, information about their current occupation and employer, their monthly income and other employment within the past three years.
6. The dependents, if any, are listed in the table in Box 18. Their total monthly income is specified in Box 19.
7. The period of the last income tax return is specified in Box 20. The place where the tax return was filed is specified in Box 21. The amount of gross income reported is entered in Box 22.
8. Box 23 is for listing any fixed monthly expenses the Borrower may have. Boxes 24 through 27 require listing all assets, liabilities, payable loans, owned real estate and mortgages.
9. Life insurance policies are entered in Box 28. All real and personal property owned by the spouse and dependents is listed in Box 29. Any transfers of property that took place within the last three years are listed in Box 30.
10. Box 31 is filled out if the Borrower is a co-maker, a guarantor or a party in any pending lawsuit, this should be specified in. Box 32 is filled out if the Borrower is a trustee, administrator or executor. Box 33 is for specifying whether the Borrower is a beneficiary under a pending, possible or established inheritance or trust.
11. Box 34 required specifying the date the Borrower believes they will be able to start making payments on their SBA debt. The amount of money the Borrower is able to pay on a monthly or periodic basis is given in Box 35.