Introducing Small Business AI Training and Toolkit Act

Audio version available here (1 min. 40 sec.)

Artificial Intelligence tools and training may become more widely available to small businesses around the United States. Senators Jerry Moran and Maria Cantwell have introduced the bipartisan Small Business Artificial Intelligence Training and Toolkit Act, which will make resources more accessible to small businesses via the Small Business Administration and the Commerce Department.

With small businesses making up 99% of all businesses in the country, Senator Cantwell wishes to provide “small businesses a boost with new tools to thrive” in the modern age of technological advancements such as AI. According to Senator Moran, “AI has tremendous potential to fill the gaps and help small businesses with finance management, marketing, supply chain management and much more”, especially in rural areas.

While the Commerce Department already provides technical assistance to small businesses via the National Institute of Standards and Technology, the Small Business AI Training Act would expand mandates into offering AI-related resources, which would be available to small businesses through SBA resource partners. Additionally, updates to AI resources would come in two-year intervals, and regular reports to Congress would be given to analyze the impacts of the Act’s provisions.

This bill could be an exciting opportunity for all business owners across the nation. 83% of small businesses who currently use AI have reported it as beneficial for their business. If you are not currently using AI, and you are not yet confident in how it could be useful for your business, the Small Business AI Training Act could be a game changer.

The bill is still in its early stages. As Congress works to pass the Small Business Artificial Intelligence Training and Toolkit Act, we will bring you updates. For now, keep up with the XQ CPA blog for more small business news and tax resources. Also check out our YouTube channel for more in-depth discussions relevant for small businesses owners.

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Sources:

https://www.commerce.senate.gov/2024/6/cantwell-moran-introduce-bill-to-help-small-business-leverage-ai-tools