📅 2026 Update: Key Changes for Small Businesses

Since the original article was published, there have been important updates that affect small businesses. These changes include new financial relief options, updates to contractor classification rules, and extensions on compliance deadlines. The details below will help you understand how these developments may impact your business.

The earlier article continues further down the page.

🏭 SBA Waives Loan Fees for Small Manufacturers

In fiscal year 2026, the SBA will waive most upfront fees for small manufacturers. This change is effective from October 1, 2025, to September 30, 2026. This waiver aims to support small manufacturers in accessing the funding they need to grow their businesses.

  • 💰 No upfront fees will make it easier for small manufacturers to secure loans.

📅 New Independent Contractor Rule Proposed

The U.S. Department of Labor proposed a new rule on March 3, 2026, to help employers distinguish between employees and independent contractors. This rule emphasizes factors like economic dependence and control over work.

This clarity is crucial for businesses that rely on contract workers.

  • 🛠️ Businesses will need to understand the new classification criteria to comply.

📅 CFPB Extends Compliance Date for Lending Rule

The Consumer Financial Protection Bureau announced an extension for the compliance date of the Section 1071 Small Business Lending Rule to July 2026. This rule requires financial institutions to collect and report data on small business credit applications.

  • 📊 Financial institutions will have more time to prepare for these reporting requirements.

🚗 Updated IRS Mileage Rate

For 2026, the IRS has set the standard mileage rate for business use at 72.5 cents per mile. This change can affect how small businesses calculate travel expenses for tax purposes.

  • 📅 Keeping track of mileage is essential for accurate tax reporting.

📌 Key Points to Remember

  • 🏭 SBA waives loan fees for small manufacturers in 2026.
  • 📅 New contractor classification rules proposed by the DOL.
  • 📊 CFPB extends compliance date for small business lending data.
  • 🚗 IRS sets business mileage rate at 72.5 cents for 2026.

💡 Tips for Small Business Owners

Review the details of your situation with your attorney.

📈 Understand New Loan Options

Small manufacturers can take advantage of the SBA's waived loan fees for 2026. This change may provide more access to funding for essential equipment and operational costs.

📋 Keep Track of Worker Classifications

Stay informed about the new independent contractor rule proposed by the DOL. Understanding the criteria for classification can help avoid costly misclassifications.

📊 Prepare for Section 1071 Compliance

If you are a financial institution, start preparing for the Section 1071 Small Business Lending Rule compliance due by July 2026. Collecting and reporting required data early can help you stay ahead.

🖊️ Update Your Travel Reimbursement Policies

With the IRS mileage rate set at 72.5 cents per mile for 2026, consider reviewing and updating your travel reimbursement policies. Accurate mileage tracking can help in tax filings.

🏢 Use Available Resources

Take advantage of the SBA's Lender Match portal to connect with lenders. This service can help small businesses find funding options tailored to their needs.

🏆 Services Ranked by User Reviews (2026)

Various services can assist small businesses with financing, equipment, and more. The following companies have been ranked based on Trustpilot data checked in October 2026. Scores can change over time, and it’s important to consider multiple factors when making a choice.

Higher ratings may reflect satisfied customers, but unhappy customers often leave more reviews.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 5.0 on Trustpilot. This company is known for its equipment financing and financial services, which can help small businesses acquire necessary tools for growth. Some reviewers have mentioned slow response times, which could be a consideration for those needing quick assistance.

🆓 Free Government Assistance

The SBA offers free resources, including the Lender Match portal, to help connect small businesses with lenders. Additionally, the IRS provides materials such as Publication 583 to guide individuals starting a business.

🔎 What to Compare When Choosing Services

  • 💼 Services offered tailored to small business needs.
  • 📈 Trustpilot ratings and review counts for reliability.
  • ⏱️ Response times and customer service experiences.
  • 💸 Fees and costs associated with services.

❓ Frequently Asked Questions

❓ What is the SBA's role in small business financing?

The SBA provides loan guarantees and support to small businesses, helping them access financing options that may be challenging to obtain through traditional lenders.

📅 When do the new loan fee waivers take effect?

The SBA's loan fee waivers for small manufacturers will take effect from October 1, 2025, through September 30, 2026.

🗓️ What is the Section 1071 Small Business Lending Rule?

This rule requires financial institutions to collect and report data on applications for credit from small businesses. It aims to improve transparency in lending.

💵 How can I track my business mileage for tax purposes?

Businesses should keep detailed records of mileage driven for business purposes, as the IRS has set the mileage rate at 72.5 cents per mile for 2026.

📜 How can I access SBA resources for starting a business?

The SBA provides various resources, including the Lender Match portal and Publication 583, which offers guidance on starting a business and maintaining tax records.

🚀 What should I know about the proposed independent contractor rule?

The proposed rule focuses on clarifying the classification of workers as employees or independent contractors, which is vital for small businesses that utilize contract labor.

⚖️ Recent Cases Related to Small Business Law

Recent court rulings have addressed various aspects of small business law, including financing and worker classification. Understanding these cases can help small business owners navigate their legal obligations more effectively.

For more recent rulings, check out more rulings on the news page.

End of October 2026 Update





What is the Small Business Administration?

The Small Business Administration is a fundamental government agency within the United States Federal Government responsible for providing assistance and support to small businesses.


The primary missions of the Small Business Administration, according to the agency, are “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recover of communities after disasters.” Through this definition it can be observed that the Small Business Administration focuses on the ‘smaller side of business’, meaning the individual or micro entrepreneur and his or her effect on the local community.  

Small Business Administration Explained



What does the Small Business Administration do?

The Small Business Administration does not provide direct funding through the issuance of loans to small businesses; however, the Small Business Administration does aid these businesses by educating and preparing small business owners to apply for funding through a financial intermediary, credit union or bank. As a result of this relationship and function, the Small Business Administration acts as the sole guarantor for small business bank loans. 

In some circumstances the Small Business Administration also helps to procure small business loans or other forms of financing to victims of natural disasters, such as floods or hurricanes. The Small Business Administration works to secure government procurement contracts for small businesses while assisting owners with management decisions, training strategies and various technical issues.

Through these primary functions, the Small Business Administration has directly or indirectly aided nearly 20 million businesses with funding or educational support. In 2008, the Small Business Administration managed a loan portfolio of nearly 220,000 loans that totaled more than $84 billion. This figure makes the Small Business Administration the largest single financial backer and intermediary of businesses throughout the United States of America. 



History of the Small Business Administration:

The Small Business Administration was created on July 30, 1953, by the United States Congress through the passing of the Small Business Act. Through its creation, the Small Business Administration’s primary goal was to aid, counsel, assist and protect the interest of the Small Business and its owners. Furthermore, the Small Business Administration ensured a proportion of government contracts and surpluses to small businesses; this function of the Small Business Administration was provided by government funds that were set aside by the United States federal government.

Small Business Administration Loan Programs:

The Small Business Administration does not provide direct loans to small businesses, with the exception of Disaster Relief Loans. The Small Business Administration does; however, provide guarantees against default certain portions of business loans made by financial institutions and other lenders that must conform to its guidelines. 

The Small Business Administration provides loans through three distinct classifications or categories. Larger banks, such as Bank of America or Chase, generate the majority of their SBA loan volume by loans that offered to those who would otherwise be declined for ‘typical’ bank credit due to various factors such as length of time in business. 

Small Business Administration loans are widely used by banks of all sizes to provide financing for the purchase or construction of a businesses’ owned or occupied real estate. 

Small Business Administration loans also are used to encourage individuals to buy existing businesses. Dissimilar to real estate transactions, a commercial lender can fund business brokers to aid individuals in buying and selling a businesses; this particular segment of the SBA loan program is supported by smaller financial institutions and independent finance companies involved in this particular sector.