Taxi drivers have been hit hard because of the Coronavirus pandemic
Last week, Economy Minister Diane Dodds confirmed the scheme was under discussion.
The first and deputy first minister said the powers have been given to Infrastructure Minister Nichola Mallon to administer the schemes.
Ms Mallon will bring a paper to the executive on Thursday and then put in a formal bid with the finance minister.
The first and deputy first minister have also asked the minister to provide further detail of the impact of the pandemic on the road haulage sector.
“The operators of taxis, private buses and coaches have faced a significant reduction in demand for their services, yet their overheads have continued,” said First Minister Arlene Foster.
“It is absolutely right that they should be able to avail of financial assistance to sustain them through this difficult time and I hope they will take some comfort in the knowledge that support will be forthcoming,” she added.
Deputy First Minister Michelle O’Neill said she was “pleased that the executive’s support schemes will soon include a bespoke funding package to alleviate the hardship being faced by workers in these sectors.”
The infrastructure minister said she had been “engaging with the industry and said they had been going through a “really difficult time and were really struggling financially”.
“My officials will work as fast as we can to get a scheme up and running and get help out to them,” she said.
“I’ve said from the beginning of the pandemic that I don’t have powers to provide for financial hardship, but that was recognised and I have now been given new powers,” she said.
“My job is clear – I want to work as quickly as I can to devise the scheme, to get it open and get assistance to these people as quickly as possible,” she added.
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