📅 2026 Update: Recent Changes for Small Businesses

Since the original article was published, there have been several important updates for small businesses in the U.S. These changes affect areas such as funding, compliance regulations, and available resources. The information below highlights the most relevant developments for small business owners and entrepreneurs.

🏦 SBA Loan Fee Waivers

In fiscal year 2026, the U.S. Small Business Administration (SBA) has waived most upfront fees for small manufacturers, specifically those in the NAICS 31-33 categories. This waiver applies from October 1, 2025, to September 30, 2026.

This change can significantly reduce costs for small manufacturers looking to access funding.

  • 💵 SBA 7(a) Loans: The SBA will not charge upfront fees for 7(a) loans of $1,000,000 or less during the same period.

⚖️ DOL's New Independent Contractor Rule

On March 3, 2026, the U.S. Department of Labor (DOL) proposed a new rule to clarify how employers identify independent contractors versus employees. This proposal emphasizes economic dependence, focusing on factors like control over work and potential profit-making opportunities.

Small business owners should stay informed about how this rule might affect their hiring practices.

📅 Extended Compliance Dates

The Consumer Financial Protection Bureau (CFPB) announced an extension for compliance with the Section 1071 Small Business Lending Rule. Financial institutions now have until July 2026 to meet the new requirements for collecting and reporting data on small business credit applications. This extension provides more time for businesses to adapt.

📊 Tax Resources and Updates

The IRS has made various updates that can aid small businesses. For example, the standard mileage rate for business use is set at 72.5 cents per mile for 2026. Additionally, the IRS has revised Form 8974 for claiming the Qualified Small Business Payroll Tax Credit, which can help businesses engaged in research activities.

📌 Key Points Summary

  • 🏦 SBA waives most loan fees for small manufacturers in FY 2026.
  • ⚖️ DOL proposed a new rule on independent contractors as of March 2026.
  • 📅 CFPB extended the compliance date for the Section 1071 rule to July 2026.
  • 📊 IRS set the standard mileage rate at 72.5 cents per mile for 2026.

💡 Tips for Small Business Owners

Reviewing your unique situation with your attorney can provide insights tailored to your needs.

🔍 Understand SBA Loan Options

Small manufacturers can benefit from the SBA's waived fees for loans in fiscal year 2026. This change can make financing more accessible, so businesses should consider applying for these loans.

📅 Keep Track of Compliance Dates

Staying updated on compliance deadlines is critical. The CFPB’s new lending rule compliance date has been extended to July 2026, giving businesses more time to prepare.

🚚 Track Business Mileage

With the IRS setting the standard mileage rate at 72.5 cents per mile for 2026, businesses should accurately track their mileage to maximize deductions.

📄 Use IRS Resources

The IRS offers guides like Publication 583 to help new business owners understand their tax responsibilities. Utilizing these resources can streamline the startup process.

📋 Stay Informed on Labor Regulations

The DOL's proposed rule on independent contractors could impact how businesses classify workers. Owners should familiarize themselves with these changes to avoid compliance issues.

🏆 Services Ranked by User Reviews (2026)

This section highlights services relevant to small businesses, focusing on financing and support options. The rankings are based on Trustpilot data as of October 2026. Ratings can fluctuate, and a higher score does not always reflect a complete picture since unhappy customers often leave reviews.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 5.0 on Trustpilot. Known for providing equipment financing and various financial services, it caters to small businesses in need of funding for equipment purchases. However, some reviewers have noted slow response times, which could affect urgent financing needs.

🆓 Free Resources for Small Businesses

The SBA provides the Lender Match portal to help small businesses find lenders. This service connects businesses with participating SBA lenders who can offer competitive funding options. Additionally, the IRS has resources like Publication 583 to assist individuals in starting a business and managing federal tax responsibilities.

🔎 Key Comparison Factors

  • 💰 Overall service fees and loan terms
  • 📈 Customer reviews and ratings
  • 🚀 Speed of service and response times
  • 🛠️ Range of financial products offered

❓ Frequently Asked Questions

❓ What are the benefits of SBA waiving loan fees?

The SBA's waiver of loan fees for small manufacturers reduces initial borrowing costs, making it easier for these businesses to access necessary funding.

📅 When do compliance deadlines for the Section 1071 rule start?

The compliance deadline for the Section 1071 Small Business Lending Rule has been extended to July 2026, allowing financial institutions more time to adapt to the new requirements.

🚚 How can I maximize my mileage deductions?

To maximize deductions, businesses should keep accurate records of their business mileage, especially now that the IRS has set the rate at 72.5 cents per mile for 2026.

⚖️ How does the DOL's new rule affect my hiring practices?

The DOL's proposed rule clarifies the criteria for classifying workers as employees or independent contractors, emphasizing economic dependence. This could impact how businesses structure their workforce.

📊 What resources does the IRS offer for new businesses?

The IRS provides resources like Publication 583, which offers guidance on starting a business and understanding tax responsibilities, helping new owners navigate federal regulations.

🏦 How can the SBA Lender Match portal help my business?

The SBA Lender Match portal connects small businesses with lenders, facilitating access to competitive funding options tailored to their needs.

⚖️ Recent Cases Related to Small Business Law

Recent court rulings have addressed various aspects of small business law, impacting how businesses operate and comply with regulations.

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

End of October 2026 Update





A small business is a privately owned and operated business model. Typically, small businesses operate with a small number of employees and a relatively low volume of income, profit, and sales. Small businesses are held separate form larger companies because they are normally privately owned.

Although even massive corporations can be privately owned, a small business is typically operated in full by a few employees. A small business is legally established as either a corporation, a partnership, or a sole proprietorship.

In the United States, small businesses, their legality concerns, and their overall framework is established and supervised by the Small Business Administration (SBA). The Small Business Administration is a Government program that aims to provide resources and aid to small businesses and entrepreneurs throughout the country. Small businesses have been a staple in American culture. The United States Constitution created a free market where individuals were encouraged to innovate the market and offer their skills to progress society.

Small Business At A Glance

In addition to the aforementioned services, the Small Business Administration also established business size standards, on an industry-by-industry basis, for the proper classification of all small businesses. Although these classifications are based on industry, in general the Small Business Administration categorizes a small business as having fewer than 500 employees (primarily used for manufacturing businesses) and less than $7  million in annual receipts for all other industries. In addition to the number of employees and annual receipts, other methods used to determine or classify a small business are: amount of annual sales or turnover, value of all assets, and net profit (the balance sheet).