{"id":50255,"date":"2024-06-28T13:53:50","date_gmt":"2024-06-28T17:53:50","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=50255"},"modified":"2024-06-28T13:56:02","modified_gmt":"2024-06-28T17:56:02","slug":"inside-the-small-business-artificial-intelligence-training-and-toolkit-act-of-2024","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/inside-the-small-business-artificial-intelligence-training-and-toolkit-act-of-2024\/","title":{"rendered":"Inside the Small Business Artificial Intelligence Training and Toolkit Act of 2024"},"content":{"rendered":"

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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<\/a>, 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 \u201ccreate and distribute AI training resources and tools\u201d to small businesses, per the press release<\/a>.<\/p>\n

\u201cSmall businesses are the foundation of the U.S. economy, making up 99 percent of all businesses,\u201d said Sen. Cantwell<\/a>. \u201cThey drive economic growth and innovation. It is essential that all American entrepreneurs \u2013 especially our small businesses \u2013 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.\u201d<\/p>\n

AI is being incorporated into businesses at a significant pace, almost as if there\u2019s 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<\/a> released a report noting that 83 percent of SMB owners in the U.S. who incorporated AI into their business say it\u2019s been helpful. They\u2019re implementing it in accounting, customer communications, social media, and to streamline paperwork\/additional mundane tasks.<\/p>\n

Senator Cantwell\u2019s press release<\/a> outlines exactly what the Small Business Artificial Intelligence Training and Toolkit Act of 2024 encompasses:<\/p>\n