📅 2026 Update: Changes in Small Business Laws and Resources

Since the original article was published, there have been several important updates related to small business laws and resources. These changes can affect how small businesses operate, especially in areas like financing, employee classification, and compliance with regulations. Readers can find more information on these topics in the earlier sections of this article.

📊 SBA Loan Fee Waivers for Manufacturers

The U.S. Small Business Administration (SBA) has waived most upfront fees for small manufacturers during fiscal year 2026. This applies to businesses classified under NAICS codes 31-33.

The fee waivers began on October 1, 2025, and will continue through September 30, 2026. This change aims to support small manufacturers in accessing much-needed capital.

  • 💵 SBA 7(a) Loan Fees Waived: Similar to the above, the SBA also announced that there will be no upfront fees for 7(a) loans of $1,000,000 or less during fiscal year 2026.

🤝 New Independent Contractor Rule

On March 3, 2026, the U.S. Department of Labor (DOL) proposed a new rule to clarify the classification of workers. This rule will help employers determine whether a worker qualifies as an employee or an independent contractor.

It focuses on aspects like economic dependence and control over work.

  • 📅 CFPB Lending Rule Compliance Date: 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 small business credit applications.

🚗 Standard Mileage Rate for Business

The IRS set the standard mileage rate for business use at 72.5 cents per mile for 2026. This is an important figure for small businesses that use vehicles for business purposes, as it affects deductions and reimbursements.

🔍 Summary of Key Changes

  • 📅 SBA waives most loan fees for small manufacturers in FY 2026.
  • 💵 No upfront fees for SBA 7(a) loans of $1,000,000 or less.
  • 🤝 DOL proposed new rules for classifying independent contractors.
  • 📅 CFPB extended compliance date for small business lending data collection to July 2026.
  • 🚗 Standard mileage rate set at 72.5 cents per mile for 2026.

💡 Tips for Small Business Owners

Review the details of your situation with your attorney. Understanding the changes in small business law can help you make informed decisions.

📝 Keep Up with SBA Updates

Stay informed about the SBA's changes, including loan fee waivers and new programs. Regularly check their website for updates that may impact your business.

📊 Understand Worker Classifications

Be aware of the DOL's proposed rules on independent contractors. This can affect how you classify workers and handle taxes.

📅 Prepare for CFPB Compliance

If you run a financial institution, start preparing for the CFPB Section 1071 compliance deadline in July 2026. Ensure your data collection processes are in place.

🛠️ Utilize IRS Resources

Take advantage of IRS resources, such as Publication 583, to guide you in starting your business and managing records.

🚗 Track Mileage Accurately

Keep accurate records of your business mileage to benefit from the standard mileage rate set at 72.5 cents per mile. This can help maximize deductions at tax time.

🏆 Small Business Services Ranked by User Reviews (2026)

This section highlights services relevant to small business owners, focusing on financing and support. The following companies have been rated based on user reviews, with scores reflecting the experiences of their customers. Scores can change over time, and star ratings are just one aspect of customer feedback.

Users may be more vocal about negative experiences, which can skew perception.

🥇 1. Amur Equipment Finance

Amur Equipment Finance holds a Trustpilot score of 5.0. It is known for offering financing solutions specifically for equipment needs. This makes it relevant for small businesses looking to invest in machinery or technology.

Some reviewers have noted slow response times, which is a consideration for potential clients.

🆓 Free Government and Nonprofit Help

Small businesses can benefit from resources like the SBA Lender Match portal. This tool connects businesses with lenders who can offer competitive funding options. Additionally, the IRS provides various resources to help individuals start their businesses and understand tax responsibilities.

🔎 Choosing the Right Service

  • 📊 Review the company’s Trustpilot score and number of reviews.
  • 💼 Consider what specific services they provide for small businesses.
  • 🕒 Look into response times and customer service quality.
  • 💰 Assess any fees or costs associated with their services.
  • 📈 Evaluate their track record with similar businesses in your industry.

❓ Frequently Asked Questions

❓ What are the benefits of the SBA loan fee waivers?

The SBA loan fee waivers help small manufacturers save money when accessing financing. This support can encourage growth and investment in critical equipment.

🤔 How do I know if my workers are classified correctly?

Employers should review the DOL’s proposed rules, focusing on factors like control and economic dependence. Understanding these factors is essential for proper classification.

📅 When is the compliance date for the CFPB's Rule?

The compliance date for the CFPB Section 1071 Small Business Lending Rule is set for July 2026. Financial institutions need to ensure they are ready by this deadline.

🚗 How can I maximize my vehicle deductions?

To maximize vehicle deductions, keep accurate records of business mileage. The IRS standard mileage rate for 2026 is 72.5 cents per mile.

📝 Where can I find IRS resources for starting a business?

The IRS provides resources like Publication 583, which offers guidance on starting a business and maintaining records. These resources can be accessed directly on the IRS website.

📊 What is the standard mileage rate for business use?

The standard mileage rate for business use in 2026 is 72.5 cents per mile. This rate is used to calculate deductions for business-related travel.

⚖️ Recent Cases Related to Small Business Laws

Recent court rulings can offer insights into how small business laws are applied and interpreted. These cases often address issues such as worker classification and compliance with regulations.

For more information, readers can browse more rulings on the news page.

End of October 2026 Update





What is a Small Business?

The term‘small business’ refers to any type of business model that is privately owned and operated; additionally, all small businesses fall into the established federal size limitations that define what a small business is. 

A small business, according to the Small Business Administration, employs fewer than 500 people; however, other forms of legislation that elucidate on such qualifications will define a small business as any operation with operate with fewer  than 15 people—these size limitations will vary based on what industry the underlying small business operates out of. In addition to the employee base, a small business may be categorized or classified based on assets, gross volume of sales or its overall amount of production.

The general definitions and actions of a small business are regulated based on federal legislation. Typically, the Federal Government encourages the formation of small businesses to augment entrepreneurship and to entice innovation in the competitive market. 

Small Business Act Defined

That being said, the Small Business Act is the predominant legislation that necessitated the aforementioned regulations and that instituted various practices and educational techniques to aid small businesses in carrying out their intended functions. The Small Business Act was the fundamental starting point of the Small Business Administration, which still serves as the critical intermediary and assisting body for all small business owners in the United States.



What is the Small Business Administration? 

The Small Business Administration, which was the focus of the Small Business Act, is a government agency that is responsible for providing assistance and support to all small businesses operating in the United States. 

Although the Small Business Administration does not provide loans directly to small business owners, the Administration, through the passing of the Small Business Act, acts as a guarantor between the borrowing party and the lending bank. The Small Business Administration also streamlines the ability to obtain such funding by facilitating the broker deal between a small business owner and a participating lender.



What is the Small Business Act?



The Small Business Act, which was passed in 1953, outlined the mission of the newly-created Small Business Administration. In addition to creating the Small Business Administration, the Small Business Act required the SBA to guarantee a fair percentage of public or government-structured contracts to various small business owners throughout the country. 

The Small Business Act was passed to maintain and strengthen the United States’ economy by aiding, assisting, counseling and protecting the interests of small business owners and by providing funding to those individuals who were financially crippled by natural disasters.

The Small Business Act instituted through the creation of the SBA, an exchange of information and advice regarding the ability to obtain loans and the qualification standards revolving around government grants and government contracts for women, minorities and veterans. 

The Small Business Act constructed the Small Business Administration to guarantee loans from other lenders and to counsel small business owners with everyday business operations.