📅 2026 Update: Key Changes for Starting Your Small Business

Since the original article was published, several important changes have taken place that affect small businesses. These updates include new loan fee waivers, proposed rules for independent contractors, and adjustments in compliance dates for lending regulations. The information below highlights these changes relevant to starting and running your small business, and the earlier article continues further down the page.

🏦 SBA Loan Fee Waivers for Small Manufacturers

The U.S. Small Business Administration (SBA) announced on September 18, 2025, that it would waive most upfront fees for small manufacturers during fiscal year 2026. This change is effective from October 1, 2025, through September 30, 2026.

Small manufacturers can save money on loans, making it easier to obtain essential financing.

👷 New Independent Contractor Rule Proposed

On March 3, 2026, the U.S. Department of Labor (DOL) proposed a new rule to clarify the classification of workers as either employees or independent contractors. This rule aims to help businesses better understand the factors that determine a worker's status, focusing on economic dependence, control over work, and profit potential.

📅 Extended Compliance Date for 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 on credit applications for small businesses. The extension provides more time for institutions to adjust their processes.

📄 Forms and Tax Credits

The IRS has made updates to important forms for small businesses. Form 8974, used to claim the Qualified Small Business Payroll Tax Credit for increasing research activities, was revised in December 2024. Additionally, Publication 583 was released in December 2024 to guide individuals on starting a business and maintaining records.

📌 Key Takeaways

  • 🏦 SBA waives loan fees for small manufacturers in 2026.
  • 👷 New independent contractor rule proposed by the DOL.
  • 📅 CFPB extends compliance date for lending rule to July 2026.
  • 📄 IRS updates forms for payroll tax credits and starting a business.

💡 Practical Tips for Starting Your Small Business

Review the details of your own situation with your attorney to ensure you understand the relevant laws and regulations.

🔍 Understand Loan Options

Explore the SBA's loan options, especially the waived fees for small manufacturers. This can significantly reduce your startup costs and help you access necessary funding.

📊 Stay Informed About Worker Classification

Keep up with the DOL's proposed independent contractor rule. Understanding how to classify your workers can save you from potential legal issues down the line.

📅 Prepare for Compliance Deadlines

Note the extended compliance date for the CFPB's Section 1071 Small Business Lending Rule. Be ready to adjust your reporting practices by July 2026 to meet the new requirements.

📄 Utilize IRS Resources

Take advantage of IRS resources like Publication 583. This document provides valuable guidance on starting your business and keeping accurate records, which is crucial for tax purposes.

💰 Claim Available Tax Credits

If your business engages in qualifying research activities, be sure to use Form 8974 to claim your payroll tax credit. This can provide financial relief and support your business growth.

🏢 Connect with SBA Lenders

Use the SBA Lender Match portal to find lenders that fit your business needs. This service connects you with banks that can offer competitive financing options tailored for small businesses.

🏆 Top Services for Small Business Financing Ranked by User Reviews (2026)

This section lists services that can help small business owners with financing and related needs. The rankings are based on Trustpilot data checked in October 2026. Ratings can fluctuate, and it's important to consider that unhappy customers often leave more reviews, which can affect overall scores.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has a Trustpilot score of 5.0. This company is known for equipment financing and various financial services that support small businesses. Reviewers note its effectiveness in providing financing solutions, but some mention slow response times as a drawback.

🆓 Free Government and Nonprofit Help

The SBA offers free resources like the Lender Match portal, connecting small businesses with lenders. Additionally, the IRS provides helpful resources such as Publication 583, which guides individuals on starting a business and understanding their tax responsibilities.

🔎 Consider These Factors When Choosing Financing Services

  • 📊 Review Trustpilot scores and customer feedback.
  • 💵 Compare loan options and fee structures.
  • 📅 Check compliance with current regulations.
  • 🏢 Evaluate support services offered.

❓ Frequently Asked Questions

❓ What are the new SBA loan fee changes for 2026?

The SBA has waived most upfront fees for 7(a) loans of $1,000,000 or less during fiscal year 2026, effective from October 1, 2025, to September 30, 2026.

💼 How do I classify my workers correctly?

The DOL proposed a new rule on March 3, 2026, which helps clarify how employers should classify workers as employees or independent contractors based on factors like control and profit potential.

📋 What is the Section 1071 Small Business Lending Rule?

This rule requires financial institutions to collect and report data on small business credit applications. The compliance date has been extended to July 2026.

📝 What forms should I be aware of when starting a business?

Key forms include the revised Form 8974 for claiming the Qualified Small Business Payroll Tax Credit and Publication 583 for guidance on starting a business and record-keeping.

📈 How can I connect with lenders for business financing?

You can use the SBA's Lender Match portal to find participating lenders that can provide funding at competitive rates tailored to your business needs.

🚨 What should I do if my excise tax forms take longer to process?

The IRS has reported delays in processing paper excise tax forms. It is recommended to electronically file these forms for faster processing.

⚖️ Recent Cases Related to Small Business Law

Recent court rulings have addressed issues related to small business financing and worker classification, highlighting the legal landscape for entrepreneurs.

Explore more recent rulings for updates on small business law and regulations in the news section: more rulings on the news page.

End of October 2026 Update





As the
economic problems continue to hit every day Americans, many individuals are
starting to branch off on their own and embark on starting a small business.
Many people opt for such a route because of the ability to manage your own
schedule and produce a product or service that was created through personal
ingenuity and innovation. That being said, many ventures fail because the
entrepreneur does not develop and initiate a sound small business plan. To
properly start a small business, an individual must follow basic steps.



The first step associated with starting a small
business is the development of an idea. To start a business you will need to
create or choose a business idea. While this is obvious, the majority of people
interested in starting a small business typically have the desire to do so, but
lack an innovative idea that has the ability to become profitable.



For
the typical entrepreneur, there are many options in creating a small business
plan. A person can buy a franchise or an existing business, or develop a novel
business idea themselves. Once the idea has been fortified, the development of
a sound small business plan is essential.



Developing and writing a small business plan is
the most important step in starting a small business. The creation of a small
business plan is how potential investors will evaluate your business model.
This is crucial because when seeking financing, the lenders or investors will
need to read the plan and evaluate the likelihood of success. Within the
business plan you will need to develop business strategies, financial
projections, and marketing procedures to effectively advertise and promote your
product or services.



When your small business plan is created you will
need to figure out an avenue for financing. Typically, most small businesses
have three channels for financing: friends or family, investors, or bank loans.
Each of these arenas have different functions and specifications associated
with them. The bank will require repayment in the form of principal and
interest payments. Friends, family, and investors will commonly want some
control over the function of the business, as well as ownership.



Once the capital has been raised and the business
has been formalized through a mission statement, you will next need to take
legal issues into considerations. Choosing a legal structure--Sole
Proprietorship, Partnership, or a Corporation--is a necessary process that will
have long term implications. Once this has been decided, other factors such as
office space, expansion, the amount of employees needed, bookkeeping issues,
and tax procedures will need to be realized before fully managing the business.

How to Start a Small Business