The support is intended to help businesses hit by restrictions and to meet ongoing costs up until the end of June as the economy gradually reopens.
Nightclubs, pubs and their supply chain businesses will be eligible for the funding, which is the first phase of a £200m package for the incoming Government.
Grants of between £2,500 and £25,000 will be available, with funding calculated based on the size of a business and the restrictions they are coping with.
Operators will be able to submit applications by the end of the month (May) and can check how much they are likely to be eligible for on the Business Wales website.
The Welsh Beer and Pub Association welcomed the Welsh Government’s response to its calls for further support but said it needed to see the full detail of support on offer to pubs.
The incoming Welsh Government will make further decisions about support as businesses recover in the coming months, following the recent Senedd elections.
Pubs are set to reopen for indoor service next week from Monday 17 May, at the same time as their English counterparts.
Up to six people from six different households will be able to meet indoors in regulated settings, including pubs.
Improving health situation
First Minister Mark Drakeford said: “The public health situation continues to improve in Wales – we have the lowest coronavirus rates and the best vaccination rates in the UK.
“We know the restrictions have helped to keep us all safe but they have had a big impact on Welsh businesses, which is why we are making more funding available to support firms and safeguard jobs.
“Eligible businesses will receive support of up to £25k as they prepare to reopen and move towards more normal trading conditions.
“My new government will provide more detail about the extra financial support we will be providing to businesses to help them develop and grow as Wales recovers from the impact of the pandemic.”