Today, Microsoft announced Microsoft 365 Personal and Family, its rebranded Office 365 Personal and Home, respectively, with a whole bunch of extra perks. If you're an SMB though, it turns out that you don't have to miss out on all of that fun rebranding. Some of the commercial SKUs of Office 365 are also becoming Microsoft 365.
Starting on April 21 - the same day as the launch of consumer Microsoft SKUs - Office 365 Business Essentials becomes Microsoft 365 Business Basic, Office 365 Business Premium becomes Microsoft 365 Business Standard, and Microsoft 365 Business becomes Microsoft 365 Business Premium.
Also, Office 365 Business and Office 365 ProPlus will both turn into Microsoft 365 Apps. They're not becoming a single product though, as Microsoft will use "for business" and "for enterprise" to tell the difference between the two when necessary.
To be clear, this is only a rebranding. Unlike the consumer Microsoft 365 SKUs that were announced today, there aren't any new features arriving for businesses. There are also a whole bunch of Office 365 products that aren't changing, including Office 365 Ex (E1, E3, etc.), Office 365 Fx, Office 365 Ax, and Office 365 Gx.