📅 2026 Update: Key Changes for Small Businesses

Since the original article about small businesses was published, several important updates have taken place. These changes may affect how small businesses operate, especially concerning financing, regulations, and available resources. The earlier article continues further down the page for foundational information.

🏦 SBA Loan Fee Waivers

The U.S. Small Business Administration (SBA) announced that for fiscal year 2026, it will waive most upfront fees for small manufacturers. This waiver is effective from October 1, 2025, through September 30, 2026.

This policy change aims to support small manufacturers by reducing their initial costs when seeking loans.

📊 New Independent Contractor Rule

On March 3, 2026, the U.S. Department of Labor proposed a new rule to help employers decide whether workers are employees or independent contractors. This rule emphasizes economic dependence, which includes factors like control over work and the potential to earn profits.

This clarity can help small businesses navigate hiring practices.

📅 Compliance Date Extension for Small Business Lending Rule

The Consumer Financial Protection Bureau (CFPB) extended the compliance date for the Section 1071 Small Business Lending Rule to July 2026. This rule requires financial institutions to collect and report data related to small business credit applications. This extension allows more time for businesses to understand the regulations.

📝 Tax Credit and Forms Updates

The IRS has updated Form 8974, which is used to claim the Qualified Small Business Payroll Tax Credit. This form was revised in December 2024. Additionally, Publication 583, released in December 2024, offers guidance on starting a business and maintaining necessary records.

📌 Key Takeaways for Small Businesses

  • 🏦 SBA waives fees for small manufacturers in fiscal year 2026.
  • 📊 New rule proposed to define independent contractors more clearly.
  • 📅 CFPB extended compliance date for lending rules to July 2026.
  • 📝 IRS updated Form 8974 for tax credits and released Publication 583.

💡 Tips for Small Businesses

Review the details of your own situation with your attorney.

🏗️ Understand Available Financing

Small businesses should keep up with SBA loan options, including the waiver of upfront fees for manufacturers. This can significantly reduce the cost of financing and support business growth.

📅 Track Compliance Dates

Stay aware of important deadlines, such as the new compliance date for the Section 1071 Small Business Lending Rule. Missing deadlines can lead to penalties or issues with accessing credit.

🏢 Know Your Worker Classifications

With the new proposed rule from the DOL, evaluate how you classify your workers. This can impact taxes, benefits, and legal obligations.

📥 Utilize IRS Resources

Take advantage of IRS resources like Publication 583 for guidance on starting a business. It can help you understand tax responsibilities and record-keeping requirements.

📈 Claim Tax Credits

If eligible, use Form 8974 to claim the Qualified Small Business Payroll Tax Credit. This can provide financial relief and incentivize growth.

🏆 Services Ranked by User Reviews (2026)

Several services can help small businesses with financing and other needs. These services have been ranked based on Trustpilot data checked in October 2026. Star ratings can change, and unhappy customers often leave more reviews, so consider these ratings as one of many signals.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 5.0. It is known for providing equipment financing and financial services tailored to small businesses. Reviewers note its strong service but mention some instances of slow response times.

🆓 Free Government and Nonprofit Help

The SBA offers the Lender Match portal for small businesses to connect with participating SBA lenders. This resource can help businesses find funding at competitive rates. Additionally, the IRS provides resources like Publication 583 to assist with starting a business and understanding tax responsibilities.

🔎 What to Compare When Choosing Financial Services

  • 💰 Interest rates and fees
  • 📅 Loan processing times
  • 📞 Customer service ratings
  • 📝 Flexibility of loan terms

❓ Frequently Asked Questions

🤔 What are the benefits of the SBA loan fee waiver?

The SBA loan fee waiver helps small manufacturers reduce their upfront costs when applying for loans. This can make financing more accessible and affordable.

📅 When is the compliance date for the new lending rule?

Financial institutions must comply with the Section 1071 Small Business Lending Rule by July 2026. This gives businesses more time to prepare for the new requirements.

📊 How can I classify my workers correctly?

To classify workers correctly, consider the new DOL rule focusing on economic dependence. This includes evaluating the level of control over work and profit potential.

🏢 What is included in Publication 583?

Publication 583 offers guidance on starting a business and maintaining records. It covers essential tax responsibilities for new business owners.

📝 How do I obtain Form 8974?

Form 8974 is available on the IRS website. It's used to claim the Qualified Small Business Payroll Tax Credit for increasing research activities.

💼 What should I do if I have issues with tax form processing?

If there are delays with paper excise tax forms, consider electronically filing these forms for faster processing. The IRS encourages electronic submissions to avoid delays.

⚖️ Recent Cases Related to Small Businesses

Recent court rulings have significant implications for small businesses, particularly regarding worker classifications and business financing. These cases can affect how businesses operate and comply with various regulations.

Explore more recent rulings in the news section for additional insights into how legal changes may impact small business operations. more rulings on the news page.

End of October 2026 Update





A Small Business, as defined by the United States Small Business Association is “one that is independently owned and operated, is organized for profit and is not dominant in its field.”Size  standard eligibility is based on employee size for the previous 12 months or sales volume average over the previous 3 years.  In order to qualify for small business status your small business must fall within one of the following categories:



Manufacturer with between 500 and 1500 employees



Wholesaler with between 100 and 500 employees

A Guide to Small Businesses


Services with annual receipts between $25 million and $215 million



Retail with annual receipts between $5million and $21 million



General and Heavy Construction with annual receipts between $13.5 million and $17 million.



Agriculture with annual income of $0.5 million and $9million



Small businesses can range from encompass almost any form of business.  They include “mom and pop” stores, retail shops, mechanics, hardware stores and a number of other businesses.  Small business account for the majority of employment in the United States and both the State and Federal governments have loan and grant opportunities to help small businesses thrive.



Falling into the Small Business category is important because by doing so your small business may qualify for grants and loans from the State or the Federal government.  The U.S. Small Business Association administered 30 thousand loans last year with a value of more than $13 billion dollars.



Where the federal government, under the Small Business Administration, does not give loans directly to small business they do act as a “co-signor” when small businesses are seeking loans through lending institutions.  Having the Small Business Administration back you in getting a loan for your small business can lower your interest rates, payment plans, and increase the chances of a loan approval.



There are a number of loans that a small business owner may qualify for through the Small Business Administration.  The three major types of loans are: 7(a) loans; microloans; and CDC/504 loans.



7(a) loans are granted to small businesses with special requirements.  Usually these are long term loans for small businesses dealing in international trade.  Microloans are the most prevalent of the three.  Microloans can be as much as $50,000, but average around $13,000, and are based on a 6 year period.  These loans are beneficial for start-up small businesses and those small businesses that need extra capital for inventory, equipment, furniture, or for payroll.  The CDC/504 loans are designated for small businesses who are who are working to fulfill long term needs in the community.



If you have a small business, or are contemplating starting one of your own, it is a good idea to contact the U.S. Small Business Association about the benefits that you may receive from the government for your small business, including loans and tax incentives.  You will also want to contact the small business administration of your local and state government to find out more about loans and grants that may help fund your small business.