Senate Bill 558 establishes a disaster assistance grant program administered by the Department of Military Affairs (DMA) for individuals and businesses affected by disasters declared by the governor on or after January 1, 2025. The bill allows for grants of up to $25,000 for individuals to cover expenses related to fixing or replacing damaged personal property, necessary home repairs, and temporary housing assistance. For businesses, grants can be awarded up to $50,000 to address expenses such as property repairs, payroll assistance, and other operational costs. To qualify, applicants must submit receipts for eligible expenses, apply within 90 days of the disaster declaration or the bill's effective date, and sign an affidavit agreeing to return any grant funds that are duplicated by insurance or other assistance.

The bill also stipulates that no grants will be awarded if federal aid is available for the same disaster, and DMA is not obligated to provide grants if sufficient funds are not available. Additionally, DMA is empowered to request supplemental funding from the Joint Committee on Finance if it anticipates a need for more resources to meet grant demands. The bill aims to provide timely financial support to those impacted by disasters while ensuring that funds are not duplicated through other assistance programs.