There will be no changes to your product services, apps and features and price will stay the same. The subscription name will simply update automatically in the admin center and on your monthly billing statements on or after the 21st April, 2020.
Microsoft Office 365 Packages
Below outlines the changes:
Office 365 Business Essentials will become Microsoft 365 Business Basic.
Office 365 Business Premium will become Microsoft 365 Business Standard.
Microsoft 365 Business will become Microsoft 365 Business Premium.
Office 365 Business and Office 365 ProPlus will both become Microsoft 365 Apps. Where necessary we will use the “for business” and “for enterprise” labels to distinguish between the two.
Microsoft explains the reason behind the change as well as provides some useful FAQ's.