Form SBA Form 1450 SBA Form 1450 8 A Annual Update

OMB Approval No. 3245-0205
Expiration Date: ____________

8(a) ANNUAL UPDATE
Under 15 United States Code (U.S.C.) § 636(j)(10), each Program Participant is required to submit a business plan to SBA as condition of
participation and to review that plan with the Agency annually. As a part of this effort, SBA collects information on the “8(a) Annual Update” to
ensure eligibility for participation in the 8(a) Business Development Program according to the requirements listed in 13 Code of Federal Regulations
(C.F.R) § 124.112.
Form 1450 with Attachments A and B can be accessed electronically for completion, modification and submission. The form can be found by
accessing the following: http://www.sba.gov/sites/defualt/files/forms_1450.pdf. In addition, a hard copy of the certification page within Form 1450
containing a “wet signature” of the President, Partner or proprietor must be submitted to SBA. This document should be sent to the assigned
Business Opportunity Specialist located at the serving District office.
REVIEW YOUR RESPONSES CAREFULLY. BY SIGNING ON PAGE 5 BELOW, YOU ARE CERTIFYING TO THE ACCURACY
AND TRUTHFULNESS OF THIS INFORMATION. FALSE STATEMENTS ARE SUBJECT TO CRIMINAL AND/OR CIVIL
PROSECUTION.
All information collected will be protected to the extent permitted by law, including the Freedom of Information Act, (5 U.S.C. 522), Privacy Act (5
U.S.C. 555a) and the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401).
1. Business Information:

________________
Month/Day/Year
The following fields have been filled with information from SBA records. Please review and correct the pre-filled data and enter missing data as
appropriate.
Case no.: _______________

CCR/DSBS/SAM Last Updated: ____________________

8(a) Approval Date: _______ Transition Stage Date:

_________ 8(a) End Date: ____________

Company Name: _______________________________________________________________
Address: ______________________________________________________________________
City/State: ____________________________________________________________________
Email Address: ____________ Phone No: _____________ FAX No.: _____________________
2. Personal Financial Information: A Personal Financial Statement, SBA Form 413, must be completed and submitted for each disadvantaged owner
upon whom 8(a) certification was based. A separate form should be completed for the spouse of such owner. For jointly held assets and liabilities in
which ownership is held equally by both spouses, one-half of the value should be listed on each form. Property that is legally in the name of one
spouse would be considered wholly-owned by that spouse regardless of whether or not the couple lives in a community property state. For other
shared assets, the value of the percentage of ownership held by each individual should be listed on each person’s form. Each individual reporting
must also include his/her most recent tax return, including all schedules, attachments and supporting 1099 forms. (13 C.F.R. § 124.112 (b) (3))
3. Annual Compensation Data: A record of all payments, compensation and distributions (including loans, advances, salaries and dividends) should
be made by the Participant to each of its owners, officers or directors, or to any person or entity affiliated with such individuals. Please complete
Attachment A, “Individual/Entity Compensation Worksheet.” (13 C.F.R. § 124.112(b)(5))
4. Transferred Assets: A record must be completed from each individual claiming disadvantaged status regarding the transfer of assets for less than
fair market value to any immediate family member or to any trust where the beneficiary is an immediate family member, within two years of the date
of the this annual review. The record must provide the name of the recipient(s) and family relationship, and the difference between the fair market
value of the asset transferred and the value received by the disadvantaged individual. (13 C.F.R. § 124.112 (b) (4))
Have any assets been transferred since the last annual review:
Yes

No

.

If yes, please explain this transfer on a separate page.
5. Tax Returns: A signed copy of the Participant firm’s most recent year-end business tax return, including all schedules and attachments, and a
signed and completed copy of IRS Form 4506-T, Request for Copy or Transcript of Tax Form must be included with the annual review. (13 C.F.R. §
124.112 (b) (9))
Additionally, copies of signed individual tax returns must be submitted by each individual claiming disadvantaged status, each proprietor, partner,
management member, officer, director, or owner of more than 10% stock in the Participant firm. If an individual listed above is married and filing
separately, his/her spouse must also provide copies of their completed tax returns for the same period. If the firm is a Sole Proprietorship, the
SBA Form 1450 (xxxx) previous Editions Obsolete

Page 1 of 11

Participant must include the owner’s Schedule C. If an individual listed above is married and filing separately, his/her spouse must also provide
copies of completed tax returns for the same period as well as a signed and completed Form 4506-T. The spouse should only complete blocks 5, 6,
6a and 9 on Form 4506-T.
6. Business Structure/Ownership changes: Have there been any changes in the Partnership Agreement, Articles of Incorporation, By-Laws or stock
issues since the Participant firm was certified for the 8(a) Business Development program and which have not been previously reported to SBA?
Yes

No

.

If yes, please submit an explanation of such changes on a separate page. (13 C.F.R. § 124.112(a))
7. Adverse Actions: Adverse actions should be reported. Are there any pending adverse actions (such as lawsuits, delinquent taxes, bankruptcy
filings, creditor problems, contract disputes, etc.) which may affect your business operation: Yes No . If yes, please explain any adverse actions
on a separate page. (13 C.F.R. § 124.112 (b) (2))
8. Business Financials: Copy of latest firm’s Balance Sheet and Income Statements
9. Access to Credit and Capital: A list of all loans, lines of credit or other sources of capital available to the Participant firm should be included. In
addition to loans that the Participant firm is currently paying off, the term “available” includes sources of capital that are approved but not fully
disbursed, or revolving lines of credit that Participant Firm is paying off or that have an outstanding balance open. (13 C.F.R. § 124.302 (b) (3)).
Please use a separate page if necessary.
Loan(s): Provide the following information for each loan.
Source: _____________________

Date of Loan: _________________
Month / Date / Year
Purpose of Loan: ___________________________________________________
Original Amount: $ ___________ Balance: $_________ Status: ____________
Loan secured by: ___________________________________________________
Terms of Loan: _____________________________________________________
Line(s) of Credit: Provide the following information for each line of credit.
Source: _______________________

Date of Credit: _________________
Month / Date / Year
Purpose of Credit: __________________________________________________
Original Amount: $ ___________ Balance: $_________ Status: ____________
Credit secured by: __________________________________________________
Terms of Credit: ____________________________________________________
10. Other Sources of Capital: Please list all other sources of capital available to Participant firm.
Source: _____________________

Date of Source: ________________
Month / Date / Yea
Purpose of Source: __________________________________________________
Original Amount: $ ___________ Balance: $_________ Status: ____________
Source secured by: __________________________________________________
Terms of Source: __________________________________________________
11. Bonding Information: If a construction firm, what is current bonding limit? (C.F.R. § 124.302(b)(4))
Single job: $___________

Aggregate: $____________

Individual Surety: ________ Corporate Treasury Listed Surety: ____________________
Is SBA guaranty required?

Yes

SBA Form 1450 (xxxx) previous Editions Obsolete

No

Sometimes

Page 2 of 11

12. Business Activity Report: On a separate sheet of paper provide a report of all non-8(a) contracts that the Participant firm performed, including all
options and modifications to previously awarded contracts executed during the fiscal year. Indicate below total of all non-8(a) revenue and 8(a)
revenue earned during the program year. (13 C.F.R. § 124.509(c)(ii))
This report will be made for the program year starting on ____________ and ending on
Month/ Date/ Year
_____________.
Month/ Date/ Year
Non-8(a) sales:
$ _____________
8(a) sales
$ _____________
Total sales (program year) $ _____________

(
(
(100

%)
%)
%)

How many competitive solicitations (private, Federal, state or local) have your responded to within the last program year?
Commercial: _______

Local government: _______ State government: _______

Federal Non-8(a): _______ Federal 8(a): _______

Total: _______

Please explain on a separate sheet of paper the efforts made by your firm to pursue non-8(a) sales during the last program year.
Include a report on attachment C for each 8(a) contract performed during the year explaining how the performance of work requirements are being
met (or were met) for the contract. (13 C.F.R. § 124.112(b)(8). (Include this information for each 8(a) contract that the Participant firm performed as
the prime contractor and that the Participant firm performed as part of a joint venture, as referenced in question #15 below.)
13. Number of Employees: Please indicate how many employees you have?
Full Time: _______

Part Time: _______ as of ______________.
Month/ Date/ Year
14. Mentor/Protégé: For the program or fiscal year being reviewed, were you a participant in an SBA-approved or any approved mentor/protégé
agreement? (13 C.F.R. § 124.520)
Yes

No

If yes, please complete Attachment B, “Mentor/Protégé Worksheet.”
15. Joint Venture: For the program or fiscal year being reviewed, were you a participant in a joint venture (JV) agreement? (C.F.R. § 124.513)
Yes

No

For each joint venture agreement, indicate the following: (Use separate sheet if needed.)
JV Partner

JV Name

Award Date

Prime Contract #

____________________ __________________ ______________ ______________________
____________________ __________________ ______________ ______________________

15. Taxes: Indicated taxes your firm paid for fiscal year ending _______ by jurisdiction:
Federal: $ ______________
State: $ ________________
Local: $ _______________
17. Contract Forecast: Each Participant must annually forecast its needs for contract awards for the next program year. The forecast must include the
aggregate dollar value of 8(a) contracts broken down by soled source and competitive opportunities where possible; the aggregate dollar value of
non-8(a) contracts; the types of contract opportunities identified by product or service. (13 C.F.R. § 124.403(b))
8(a) Forecast
Sole-Source

$ ___________________

SBA Form 1450 (xxxx) previous Editions Obsolete

Non-8(a) Forecast
$ ___________________

Page 3 of 11

Competitive

$ ___________________

$ ___________________

Total

$ ___________________

$ ___________________

Total Forecast to include 8(a) and Non-8(a) Forecasts: $ _________________

Briefly identify the types of contract opportunities that you plan to seek. Use a separate sheet if needed.

________________________________________________________________________________________________________________________

TRANSITION MANAGEMENT PLAN
Beginning in the first year of the transitional stage of program participation (years 5 through 9) each Participant must annually submit a transition
management strategy to be incorporated into its business plan. This transition management strategy must describe the following: (13 C.F.R. §
124.403(c))
1.

How you plan to meet the applicable non-8(a) business activity targets, imposed by 13C.F.R. § 124.509 during the transitional stage of
participation. (13 C.F.R. § 403(c)(1))

2.

Indicate the specific steps you intend to take to continue business growth and promote profitable business operations after the expiration of
your program term. (13 C.F.R. § 124.403(c)(2))

SBA Form 1450 (xxxx) previous Editions Obsolete

Page 4 of 11

CERTIFICATIONS

BY SIGNING BELOW, THE PARTICIPANT FIRM CERTIFIES THAT IT HAS REVIEWED THE RELEVANT REGULATIONS AND THAT IT
REMAINS ELIGIBLE FOR THE 8(A) BUSINESS DEVELOPMENT PROGRAM. FIRMS OWNED BY INDIAN TRIBES, ALASKA NATIVE
CORPORATIONS (ANCS), NATIVE HAWAIIAN ORGANIZATIONS (NHOS) OR COMMUNITY DEVELOPMENT CORPORATIONS
(CDCS) ARE SUBJECT TO THE 8(A) PROGRAM ELIGIBILITY REQUIREMENTS AS SET FORTH IN 13 C.F.R. § 124.101 – 124.108 TO
THE EXTENT THAT THESE REGULATIONS ARE NOT INCONSISTENT WITH 13 C.F.R. § 124.109, 124.110 AND 124.111. FIRMS NOT
OWNED BY INDIAN TRIBES, ANCS, NHOS, OR CDCS ARE SUBJECT TO THE ELIGIBILITY REQUIREMENTS OF 13 C.F.R. § 124.101
THROUGH § 124.108.
BY SIGNING BELOW, THE PARTICIPANT FIRM CERTIFIES THAT THERE HAVE BEEN NO CHANGES TO ANY INFORMATION
SUBMITTED IN ITS APPLICATION FOR ADMISSION, OR IN CONNECTION WITH ITS APPLICATION FOR ADMISSION, THAT MAY
AFFECT THE FIRM’S ELIGIBILITY TO PARTICIPATE IN THE 8(A) PROGRAM. IF, AFTER BEING ADMITTED TO THE PROGRAM,
THE PARTICIPANT FIRM PROVIDED SUPPLEMENTAL INFORMATION TO SBA REGARDING SUCH CHANGES AND SBA HAS
PROVIDED WRITTEN NOTICE THAT THE CHANGES DO NOT AFFECT PROGRAM ELIGIBILITY, THE PARTICIPANT FIRM ALSO
CERTIFIES THAT THERE HAVE BEEN NO SUBSEQUENT CHANGES TO THE SUPPLEMENTAL INFORMATION. ANY QUESTIONS
REGARDING THE PARTICIPANT FIRM’S CONTINUING ELIGIBILITY SHOULD BE DIRECTED TO THE SERVICING SBA OFFICE.
BY SIGNING BELOW, I CERTIFY THAT ALL INFORMATION SUBMITTED IN THIS 8(A) ANNUAL UPDATE, ATTACHMENTS, AND
THE PERSONAL FINANCIAL STATEMENT IS TRUE, CORRECT AND ACCURATE. I UNDERSTAND THAT FALSE STATEMENTS CAN
BE SUBJECT TO PROSECUTION UNDER 18 U.S.C. § 1001 AND OTHER STATUTES, CAN SUBJECT ME OR MY COMPANY TO TREBLE
DAMAGES UNDER THE FALSE CLAIMS ACT, 31 U.S.C. §§ 3729–3733 OR SUSPENSION OR DEBARMENT, AND CAN RESULT IN THE
TERMINATION OF MY COMPANY FROM THE 8(A) PROGRAM.

________________________________________
Signature of President, Partner or Proprietor

SBA Form 1450 (xxxx) previous Editions Obsolete

__________________
Date

Page 5 of 11

Attachment A

INDIVIDUAL/ENTITY COMPENSATION WORKSHEET
Annual Compensation Data: For the previous annual year, describe below all payments, compensation and distributions (including loans, advances,
salaries and dividends) made by the Participant (1) to each of its owners, officers directors, and stock holders owning 10% or more of the Participant
Firm’s stock or (2) to any person or entity affiliated with such individuals. The term “entity affiliated with such individuals” includes, without
limitation, all companies or organizations of which an owner, officer or director of the Participant Firm is a officer, partner or director or holds a 10
percent or greater ownership interest. Compensation includes, without limitation, all payments and distributions, including loans, advances, salaries
and dividends. Each individual reporting must include a signed and dated copy of their most recent tax return, including all schedules and
attachments. In addition, all supporting 1099 forms must be provided. If a filing extension has been requested, provide a copy of IRS Form 4868,
Individual Extension Request and a copy of most recently signed and dated tax return. Tax information provided may be verified with IRS. (13
C.F.R. § 124.112(3)(b)(5))
Provide the following information for each payment, compensation, or distribution made to an owner, officer, director, or shareholder owning more
than 10% of the Participant Firm’s stock:
Name of person receiving payment/compensation/distribution:

_________________ Title: _________________

Ownership %: of Participant firm _________________
Nature of Payments:
Salary: $ ______________
Bonus: $ ______________
Advances: $ ___________
Dividends: $ ___________
Distributions: $ -------------Other compensation (please specify): $ _______________________________________
Total Payments/Compensation/Distributions for period of ____________ through ____________
Month/ Date / Year
Month/Date/ Year

$_______________

Loan(s): Has the participant firm made any outstanding loan(s) to any owner, officer, director, and shareholder owning more than 10% of the
Participant Firm’s stock? Yes
No
If yes, please provide the following information for each loan. (Use a separate sheet if needed.)
Loan Source: ______________ Date of Loan: ______________ Status: __________________
Month/ Date/Year
Original Amount: $ ______________ Balance: $ _____________ Secured by: _____________
Terms:_____________________

Purpose of Loan: _____________________

Provide the following information for each payment made to an affiliated entity (i.e., a company or organization of which an owner, officer or
director of the Participant Firm is a officer, partner or director or holds a 10 percent or greater ownership interest)
Name of entity receiving payment:

_________________

Total dollar value of payments made during the annual year:
Purpose(s) of payments – if payment was made in connection with services or goods provided to the Participant firm, describe the nature of the
services or goods provided:
Which owner, officer, partner or director of the Participant Firm is affiliated with this entity? _________________
SBA Form 1450 (xxxx) previous Editions Obsolete

Page 6 of 11

How in the Participant Firm’s owner, officer, partner or director affiliated with this entity: _________________
Has the Participant firm made any loans to this entity? Yes __ No __

If yes, please provide the following information for each loan. (Use a separate sheet if needed.)
Date of Loan: ______________ Status: __________________
Month/ Date/Year
Original Amount: $ ______________ Balance: $ _____________ Secured by: _____________
Terms: _____________________

Purpose of Loan: _____________________

SBA Form 1450 (xxxx) previous Editions Obsolete

Page 7 of 11

Attachment B

MENTOR-PROTÉGÉ WORKSHEET
Your firm participated in or continues to participate in any approved mentor/protégé agreement with whom:
___________________________________________________
Date this agreement was approved: ___________Period of agreement:______________
Is this firm the mentor or the
indicated below.

protégé? NOTE: If your firm is a protégé, your firm’s Mentor must complete the information and sign below as

Questions for Protégés

If your firm is the protégé, the following information must be provided: (13 C.F.R. § 124.520(g)(i)-(v))
(i)

List all technical and/or management assistance provided by the mentor to the protégé.

(ii) List all loans to and/or equity investments made by the mentor to the protégé;

(iii) List all subcontracts awarded to the protégé by the mentor and the value of each subcontract;

(iv) List all federal contracts awarded to the mentor/protégé relationship as a joint venture (designating each as an 8(a), small business setaside, or unrestricted procurement), the value of each contract, and the percentage of revenue accruing to each party to the joint
venture:

(v) Provide a narrative 1) detailing all contracts it has performed in conjunction with its mentor; and 2) describing the success such assistance
has had in addressing the developmental needs of the protégé and addressing any problems encountered (13 C.F.R. § 124.112(b)(6);
124.520(v));:

SBA Form 1450 (xxxx) previous Editions Obsolete

Page 8 of 11

(vi) Provide a list of the mentoring services the protégé received by category and hours. (13 C.F.R. § 124.520(g)(2)

_____________________________________________________________________________

The protégé must also provide the following: (13C.F.R. § 124.520(g)(3)
The protégé must annually certify to SBA whether there has been any change in the terms of the mentor-protégé agreement. If there were no
changes, please state so, or if there were changes, please indicate.

To be completed by the Mentor:
If your firm is a Mentor, are there any pending adverse actions (such as lawsuits, delinquent taxes, bankruptcy filings, creditor problems, contract
disputes, suspension/debarment from federal contracting of the firm, etc.) which may affect your business operation, good character, and/or favorable
financial position?: 13 C.F.R. § 124.520(b)(4) Yes ___ No ____
If yes, please explain below or on a separate page if needed.

BY SIGNING BELOW, I CERTIFY THAT ALL INFORMATION SUBMITTED IN THIS MENTOR/PROTÉGÉ WORKSHEET AND ANY
ATTACHMENTS IS TRUE, CORRECT AND ACCURATE. I UNDERSTAND THAT FALSE STATEMENTS CAN BE SUBJECT TO
PROSECUTION UNDER 18 U.S.C. § 1001 AND OTHER STATUTES, CAN SUBJECT ME OR MY COMPANY TO TREBLE DAMAGES
UNDER THE FALSE CLAIMS ACT, 31 U.S.C. §§ 3729–3733 OR SUSPENSION OR DEBARMENT, AND CAN RESULT IN THE
TERMINATION OF MY COMPANY FROM THE 8(A) PROGRAM.

For the Protégé

________________________________________
Signature of President, Partner or Proprietor

__________________
Date

For the Mentor:

________________________________________
Signature of President, Officer or Authorized Official

SBA Form 1450 (xxxx) previous Editions Obsolete

__________________
Date

Page 9 of 11

Attachment C

8(a) CONTRACTS ANNUAL PERFORMANCE
Provide the following information for all 8(a) contracts the Participant Firm worked on during the past annual year:

Contract Number
and date contract
was signed

Contracting
Agency

NAICS
Code
Assigned
to
Contract

Total
Contract
Amount

Percentage of Contract
Work Performed By
8(a) Participant
(Exclude Work
Performed by non-8(a)
Joint Venture Partners)

Percentage of
Contract Work
Performed by
Subcontractors

Name of any
Subcontractor
Performing More than
10% of the Contract
Work (indicate
percentage performed)

Provide the following information for any 8(a) contract performed as a joint venture:

Contract
Number

Name of Joint
Venture

Name of Other Firm(s) Partnering in
the Joint Venture. If any of these
firms are 8(a) firms, indicate this by
adding “[8(a)]” after the firm’s name

Percentage of Contract
Work Performed by
Joint Venture

Percentage of Contract Work
Performed by Non 8(a)
Partner in Joint Venture

For all of the above 8(a) contracts performed as a joint venture, were all of the above 8(a) contracts performed under a Joint Venture Agreement
Approved by SBA? Yes __ No __

If no, identify all relevant 8(a) contracts ___________________________________________________________________

For all of the above 8(a) contracts performed as a joint venture, were all of the above contracts performed under a Mentor Protégé Agreement
Approved by SBA? Yes __ No __

If no, identify all relevant 8(a) contracts ___________________________________________________________________

SBA Form 1450 (xxxx) previous Editions Obsolete

Page 10 of 11

For all of the above 8(a) contracts performed as a joint venture, did the joint venture subcontract any contract work to the non-8(a) partner in the joint
venture or any company that is affiliated With the non-8(a) partner? Yes__ No __ [Note: See the Guidance on Affiliation in 13 C.F.R. § 121.103.]

If yes, identify all relevant 8(a) contracts ___________________________________________________________________

For all of the above 8(a) contracts performed as a joint venture, provide a narrative description below how the percentage of work requirement was
met: ______________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

PLEASE NOTE: The estimate burden for completing this form is 2 hours. You are not required to respond to any collection of information unless it displays a
currently valid OMB approval number. Comments on the burden should be sent to U.S. Small Business Administration, Chief AIB, 409 3rd St., S.W., Washington,
D.C. 20416 and Desk Officer of the U.S. Small Business Administration, Office of Management and Budget, New Executive Office Building, Room 10202,
Washington, D.C. 20503. OMB Approval 3245-0205. PLEASE DO NOT SEND FORMS TO OMB.

SBA Form 1450 (xxxx) previous Editions Obsolete

Page 11 of 11