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 eligible disaster-related expenses, such as repairing or replacing personal property, home repairs by approved contractors, and temporary housing assistance. For businesses, grants can be as high as $50,000 to address expenses related to property damage, necessary repairs, payroll assistance, and other operational costs. Applicants must provide receipts for eligible expenses and apply within 90 days of the disaster declaration or the bill's effective date.

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 award grants if sufficient funds are not available. Additionally, DMA is required to process grant applications within 14 days and may seek supplemental funding from the Joint Committee on Finance if needed. The definitions of "business" and "household" are included in the bill, and the eligibility criteria for both individuals and businesses are clearly outlined, ensuring that assistance is directed to those most in need following a disaster.