Taxi drivers have been hit extremely hard because of the Coronavirus pandemic
The scheme, which launched on Friday, will cover 12 months from 22 March 2020 to 21 March 2021.
It will also cover drivers who could not access the scheme because they had paused their insurance.
Infrastructure Minister Nichola Mallon said the new fund closed the “gaps”.
In December, it emerged that almost half of Northern Ireland’s taxi drivers failed to apply for a previous emergency support grant set up by Stormont.
Ms Mallon said: “While support has been put in place, there have been gaps, which is why I stepped up to provide support for the bus and coach industry and for our taxi drivers.
“It aims to address two issues: first, to provide further support to all eligible taxi drivers for this 12 month period, and second, to now provide financial assistance specifically for those drivers who have had partial insurance during this period.”
She added: “Taking on board learning from the first taxi driver scheme, the application process has also been simplified to address the concerns raised by the sector and this time round drivers will be able to directly contact the department through a dedicated information line for the scheme.”
Eligible drivers will get up to £3,000, which includes any payment made to them under the first scheme, Ms Mallon said.
Drivers who are unable to work because they are shielding, but still incurring overheads, will also be able to apply. The scheme is in addition to support for self-employed taxi drivers, such as the self employment income support scheme.
It will be open until February 26, 2021.
Last year the Derry-based North West Taxi Proprietors told the Infrastructure Committee that a third of its drivers had quit the industry over the Coronavirus pandemic.
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