Inside the Small Business Artificial Intelligence Training and Toolkit Act of 2024

The chatter about AI has yet to slow down, and businesses are scurrying to determine if and how it can fit into their company. As of June 11, the Senate seems ready to help expedite that process with the introduction of new legislation. Aptly titled the Small Business AI Training and Toolkit Act of 2024, this bill aims to help small businesses access the resources and tools that will allow them to leverage AI in their business. Introduced by the bipartisan team of U.S. Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science and Transportation, and U.S. Senator Jerry Moran (R-Kan.), a senior member of the Committee, the Act would give authorization for the Department of Commerce (DOC) to partner with the Small Business Administration (SBA) to “create and distribute AI training resources and tools” to small businesses, per the press release.

“Small businesses are the foundation of the U.S. economy, making up 99 percent of all businesses,” said Sen. Cantwell. “They drive economic growth and innovation. It is essential that all American entrepreneurs – especially our small businesses – have access to AI training and reskilling in the 21st-century marketplace. This bill gives small businesses a boost with new tools to thrive as we step into this innovative era.”

AI is being incorporated into businesses at a significant pace, almost as if there’s a race to see who can make the most of the technology in the shortest period. But with so many unknowns and constantly evolving capabilities, AI implementation is a huge undertaking that can cost a company lots of money. Finances aside, the Bipartisan Policy Center and Morning Consult released a report noting that 83 percent of SMB owners in the U.S. who incorporated AI into their business say it’s been helpful. They’re implementing it in accounting, customer communications, social media, and to streamline paperwork/additional mundane tasks.

Senator Cantwell’s press release outlines exactly what the Small Business Artificial Intelligence Training and Toolkit Act of 2024 encompasses:

• “Develops AI training resources and toolkits for small businesses, led by the DOC, in coordination with the SBA.
• Includes new trainings on how to use AI or emerging technologies to improve financial management and accounting, business planning and operations, marketing, supply chain management, government contracting, and exporting.
• Directs specific AI training for small businesses in rural and tribal communities, and small businesses involved in advanced manufacturing.
• Provides new DOC AI training resources to small businesses through SBA resource partners, including Small Business Development Centers, Women’s Business Centers, SCORE, Veteran Business Opportunity Centers, and the Apex Accelerator.
• Authorizes the DOC Secretary to create a grant program for organizations providing AI trainings developed under this bill. It allows gift authority to use private sector and philanthropic donations to support these grants, with at least 25% of any grant funds going toward small businesses located in rural or underserved communities.”
• Requires the Secretary of Commerce to update AI training materials and toolkits at least every two years.
• Requires biannual reporting to Congress on the impact of AI training and toolkits developed and distributed under this bill.

Small businesses who are struggling to keep up with the AI landscape could benefit greatly from these new resources. However, it’s important to keep in mind that this bill was only just introduced and hasn’t been passed yet, meaning any available resources and training are still a ways off. But small steps are still progress, and we’re excited to see how this new legislation might help shape the way small businesses are partnering with AI.

Stick with the Financial Pantry for the latest news coming out of Washington. We’re always keeping an eye out for new regulations and bills so we can offer our readers the information they need for small business success. Stop by today and see what’s in store for you!

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