📅 2026 Update: Recent Changes in Small Business Law

Since the original article was published, there have been several important updates related to small businesses and financing. These changes affect loan fees, contractor classifications, and compliance deadlines that small business owners need to be aware of. The earlier article continues further down the page to provide foundational knowledge about the Small Business Administration and related topics.

🔍 SBA Waives Loan Fees for Small Manufacturers

In a significant move, 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 waiver is effective from October 1, 2025, through September 30, 2026.

This change aims to make it easier for small manufacturers to access funding, which is essential for growth and development.

📜 New Contractor Classification Rules

On March 3, 2026, the U.S. Department of Labor (DOL) proposed a new rule that clarifies how employers determine if a worker is an employee or an independent contractor. This new guidance focuses on factors like control over work and economic dependence.

Small business owners should pay attention to this change, as it may influence hiring practices and compliance with labor laws.

⏰ Extended Compliance Date for Small Business 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. Business owners should prepare for these upcoming requirements to ensure they meet the new regulations.

💰 Changes in SBA 7(a) Loan Fees

For fiscal year 2026, starting from October 1, 2025, the SBA will not charge upfront fees for 7(a) loans of $1,000,000 or less. This is a notable change from previous years, potentially making it easier for small businesses to access these types of loans without incurring upfront costs.

📌 Key Points Summary

  • 🏭 SBA waives most loan fees for small manufacturers for fiscal year 2026.
  • 📊 DOL proposed new rules for classifying workers as employees or independent contractors.
  • ⏳ CFPB extended compliance date for small business lending data collection to July 2026.
  • 💵 SBA 7(a) loans under $1 million will have no upfront fees during fiscal year 2026.

💡 Practical Tips for Small Business Owners

Review the details of your specific situation with your attorney.

📈 Understand Your Financing Options

Small business owners should explore the various loan options available through the SBA. The waiving of upfront fees for 7(a) loans could offer significant savings and open up funding opportunities.

🛠️ Stay Updated on Worker Classification

With the DOL's new proposals, it's important to stay informed about how worker classifications may affect your business. Consider evaluating your staffing arrangements to ensure compliance with the new rules.

📅 Prepare for Reporting Requirements

As the CFPB extends the compliance date for the Section 1071 rule, take this time to prepare for upcoming reporting requirements. Gather necessary data to ensure you can comply once the deadline arrives.

🌍 Utilize Government Resources

Make use of the SBA's Lender Match portal to connect with lenders who can provide competitive rates. This service can help streamline the process of securing funding for your business.

🚗 Keep Track of Mileage Deductions

Remember that the IRS set the standard mileage rate for business use at 72.5 cents per mile for 2026. Keep accurate records of your business mileage to maximize your deductions.

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

This section highlights services that assist small businesses, focusing on financing and operational support. The order of services is based on their Trustpilot ratings as of October 2026. Ratings can change over time, and they reflect user experiences, although unhappy customers may leave more feedback than satisfied ones.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 5.0 on Trustpilot. This company is known for providing equipment financing and financial services to small businesses. Reviewers appreciate the tailored solutions offered but mention that some experienced slow response times.

🆓 Free Government Assistance

The SBA offers the Lender Match portal that helps small businesses find participating SBA lenders. This service connects businesses with funding options at competitive rates, making it easier for them to secure loans.

🔎 What to Compare When Choosing Services

  • 💰 Interest rates and fees
  • 🕒 Processing times for loans
  • 📝 Available customer support
  • 📊 User reviews and ratings
  • 📅 Compliance with regulatory changes

❓ Frequently Asked Questions

❓ What are the new loan fee changes for 2026?

The SBA will not charge upfront fees for 7(a) loans of $1,000,000 or less during fiscal year 2026. This change is effective from October 1, 2025, to September 30, 2026.

💼 How can I prepare for the new worker classification rules?

Stay informed about the DOL's proposed rules regarding worker classification. Evaluate your current hiring practices and consider how these changes may impact your business operations.

📋 What does the Section 1071 rule require?

The Section 1071 rule requires financial institutions to collect and report data on applications for credit by small businesses. Compliance with this rule is necessary by July 2026.

📊 How can I access the SBA Lender Match portal?

Small business owners can visit the SBA's website to access the Lender Match portal. This tool connects them with lenders who can offer funding solutions tailored to their needs.

📅 What is the standard mileage rate for business use in 2026?

The IRS has set the standard mileage rate for business use at 72.5 cents per mile for 2026. Keeping accurate mileage records is important for maximizing tax deductions.

🏢 What resources does the IRS offer for starting a business?

The IRS provides resources like Publication 583, which offers guidance on starting a business and maintaining proper records. These resources can help new entrepreneurs navigate their federal tax responsibilities.

⚖️ Recent Court Cases Related to Small Business

Recent court rulings have addressed various aspects of small business law, including financing and worker classifications. These rulings can significantly impact how small businesses operate and manage their legal obligations.

Explore more rulings on the news page for updates on recent legal decisions affecting small businesses.

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.