Establishes a state disaster emergency grant and loan program

This bill creates a new state program to offer grants and low-interest loans to small businesses facing financial losses from declared emergencies. Administered by industrial development agencies, the program targets businesses with 50 or fewer employees that were operational before the disaster and suffered damage, inventory loss, or revenue decline. To qualify, applicants must demonstrate prior financial viability and submit a plan for how they will use the funds, with each business limited to receiving up to $25,000 in total assistance. Agencies are required to establish uniform criteria for selecting recipients and coordinate efforts to prevent duplicate funding from multiple sources. The legislation also mandates that agencies track loan performance and report the data annually, while exempting any deferred interest from state taxes.