S. 3586: AI for Mainstreet Act

This bill, known as the AI for Mainstreet Act, aims to amend the Small Business Act to enhance assistance for small businesses regarding artificial intelligence (AI). Here’s what the bill proposes in layman’s terms:

Guidance and Training for Small Businesses

The bill would require Small Business Development Centers (SBDCs) to help small businesses evaluate and implement artificial intelligence technologies in their operations. This includes:

• Providing information, guidance, and training on best practices for using AI.
• Advising on how to use AI tools to prepare for unexpected events, safeguard data and intellectual property, bolster cybersecurity, comply with regulations, and enhance customer trust.
• Assisting businesses in incorporating AI effectively into their daily operations.

Additionally, it calls for SBDCs to conduct outreach efforts to raise awareness among small business owners about the potential benefits and applications of AI.

Amendments to Existing Law

The bill includes technical changes to existing provisions in the Small Business Act to incorporate these new functions related to AI support.

Funding and Financial Implications

No new funding is authorized under this bill, meaning it would rely on existing budgets for implementation without additional financial support.

Definition of Artificial Intelligence

The bill defines artificial intelligence as per the guidelines set in the National Artificial Intelligence Initiative Act of 2020, ensuring clarity in what constitutes AI technology in the context of small business support.

Overall Goals

The overall goal of this bill is to empower small businesses by equipping them with the knowledge and resources they need to effectively leverage AI, thereby enhancing their operations and competitiveness in the marketplace.

Relevant Companies

None found.