Businesses in Guernsey will be able to claim up to £2,000 from the States if they have been impacted by lockdown.
The small business grants, offered in the first lockdown, will be reintroduced from 15 February.
A single payment of £1,000 or £2,000 will be offered to firms that are unable to trade or generating less than 70% of their normal turnover.
The States has also agreed to waive rent for commercial tenants while they are unable to operate.
Sectors eligible to apply for a small business grant will mirror those included in the co-funded payroll scheme, such as hospitality and construction.
These businesses will also need to employ 20 or fewer staff to apply.
The higher grant will be offered to those that operate out of commercial premises, and have overheads of more than £500.
The self-employed can also apply if their business is run full time and is their main source of income, the Policy and Resources Committee said.
An agreement to waive commercial rent fees will also discount mooring fees for fishermen for the period in which they have been unable to trade.
The P&R committee said it hoped the move would "encourage private landlords to consider how they can also support their business tenants while the lockdown is in place".
Deputy Mark Helyar, Treasury Lead for the P&R committee, said: "We remain hopeful that this will be a shorter lockdown and businesses will be able to resume trading, in stages, sooner rather than later.
"But clearly there is uncertainty and people are worried, and we want businesses to know we're behind them and we'll do what we can to help viable businesses get through this period so they are in a position to bounce back when the lockdown ends."