📅 2026 Update: Recent Changes for Small Businesses

Since the original article on starting a small business was published, several important updates have occurred. These changes can impact how new businesses operate and seek funding. The information below highlights the key updates since the article was written, which continues further down the page.

🏦 SBA Waives Loan Fees

In fiscal year 2026, the U.S. Small Business Administration (SBA) will waive most upfront fees for small manufacturers. This change is effective from October 1, 2025, through September 30, 2026.

This can make it easier for small manufacturers to access funding without worrying about initial costs.

👷 DOL Proposes New Independent Contractor Rule

On March 3, 2026, the U.S. Department of Labor (DOL) proposed a new rule. This rule aims to clarify how employers decide if a worker is an employee or an independent contractor.

The proposal focuses on factors like control over work and economic dependence.

📅 Extended Compliance Date for Lending Rule

The Consumer Financial Protection Bureau (CFPB) has 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 small business credit applications. The extension gives businesses more time to prepare for these requirements.

🚗 New Mileage Rate for Business Use

For 2026, the IRS set the standard mileage rate for business use at 72.5 cents per mile. This change can affect how small businesses calculate expenses related to vehicle use. Keeping up with this rate is essential for accurate reporting and tax deductions.

📌 Key Points Summary

  • 🏦 SBA waives most loan fees for small manufacturers in FY 2026.
  • 👷 New DOL rule clarifies employee vs. independent contractor status.
  • 📅 CFPB extended compliance date for small business lending data collection to July 2026.
  • 🚗 IRS standard mileage rate for business use is now 72.5 cents per mile.

💡 Tips for Starting Your Small Business

It is important to review the details of your situation with an attorney.

📝 Keep Accurate Records

Maintain clear and accurate records of your business activities. Use resources like Publication 583 from the IRS to understand your federal tax responsibilities. Good record-keeping can help during tax season and when seeking loans.

💵 Explore Financing Options

Consider the SBA Lender Match portal for connecting with lenders. This tool helps small businesses find funding options that fit their needs. It can simplify the process of finding financial support.

📅 Stay Updated on Compliance Dates

Keep track of important compliance dates, like the July 2026 deadline for the Section 1071 Small Business Lending Rule. Meeting these deadlines is crucial for staying compliant with federal regulations.

🚗 Understand Mileage Deductions

Familiarize yourself with the IRS standard mileage rate for business use. In 2026, it is 72.5 cents per mile. This rate may impact how you calculate vehicle expenses for your business.

📊 Review Your Independent Contractor Status

If you hire workers, stay informed about the DOL's proposed independent contractor rule. Understanding how to classify your workers properly can help you avoid legal issues.

🏆 Small Business Services Ranked by User Reviews (2026)

The services listed here offer various solutions for small businesses, focusing on financing and other essential needs. The order follows Trustpilot data checked in October 2026. Ratings can change over time, and star ratings are just one indicator, as unhappy customers often leave more feedback.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 5.0. This company is known for providing equipment financing and other financial services tailored to small businesses. Reviewers highlight its strong support in securing necessary equipment for operations.

Some reviews mention slow response times, which can be a consideration for those needing quick assistance.

🆓 Free Government and Nonprofit Help

The SBA Lender Match portal connects small businesses with lenders. This free service helps businesses find funding options that are competitive. Additionally, the IRS offers resources like Publication 583 to aid in understanding federal tax obligations when starting a business.

🔎 What to Compare When Choosing a Service

  • 📊 Trustpilot ratings and review counts.
  • 💼 Types of financing or services offered.
  • ⏱️ Speed of response and application processing.
  • 🔍 Customer feedback on service quality and support.

❓ Frequently Asked Questions

❓ What do I need to start a small business?

You will need a solid business plan, necessary permits, and licenses based on your state and industry. Research local requirements and regulations to ensure compliance.

📋 How do I apply for an SBA loan?

To apply for an SBA loan, you can use the SBA Lender Match portal. This tool connects you with lenders that fit your business profile and financing needs.

💳 What are the benefits of keeping accurate financial records?

Keeping accurate financial records helps you track your income and expenses. It makes tax preparation easier and supports your case when applying for loans.

📅 What is the significance of the Section 1071 Small Business Lending Rule?

The Section 1071 rule is important because it requires financial institutions to collect and report data on small business credit applications. This aims to improve transparency and access to credit for small businesses.

🚗 How can I maximize my mileage deductions?

To maximize mileage deductions, keep a detailed log of all business-related driving. Use the IRS standard mileage rate of 72.5 cents per mile for calculating expenses in 2026.

📈 How do I know if my workers are independent contractors or employees?

Review the DOL's proposed rule on worker classification. Key factors include control over the work and the degree of economic dependence on the employer.

⚖️ Recent Cases Impacting Small Businesses

Recent court rulings influence the legal landscape for small businesses. These cases can affect various aspects, from labor laws to financial regulations.

For recent rulings, you can browse more rulings on the news page.

End of October 2026 Update





Small businesses give the average citizen the chance to create a product or service, while maintaining their own work hours and business model. That being said, the majority of small businesses fail because the entrepreneur ignores basic steps required to establish a sound business model.

The first step required to start a small business is obviously the creation of a small business idea. There are two distinct paths an entrepreneur can take when creating his or her own business. The individual, or group of individuals, can either develop their own innovative idea or they can purchase an already existing small business and, in essence, renovate the business model to fit their own specifications. Regardless of the path chosen, starting a small business requires the development of a sound business plan. 

Arguably, the most important aspect of small business planning is financing. The majority of individuals interested in starting a small business lack the capital themselves to start a company. Therefore, financing or borrowing is the most appropriate method taken when starting a small business.

Starting a Small Business

When taking out a loan, it is crucial to work within a budget. At all points of small business planning one must develop cost/benefit analyses. Spending beyond one's means or fruitful costs can cripple a small business idea before it even becomes tangible.

When your business is created and your financing needs are met, you must hone your product or service. Marketing, advertising, and cost effective planning are crucial when starting a small business. 

Developing a mission statement is crucial to maintain organization throughout your business. Throughout this process you will constantly run into questions concerning the set-up of your business. Do you need office space? How many employees are required to carry out your function? What is the best avenue for marketing? These are all basic questions that are fundamental in starting a small business.

After formalizing a plan and developing a structure, you will need to worry about legality issues. The aforementioned questions are intertwined with the establishment of your business structure. A small business can be structured as a Sole Proprietorship, a Corporation, or a Partnership.

Granted, you will face many obstacles and critical decisions when starting a business. However, the most fundamental aspect of the creation is to always have a plan and streamline all functions in the most cost-effective way possible.