Thursday’s executive meeting will see Economy Minister Diane Dodds put forward proposals.
It is believed ministers plan to bring in a tiered system of weekly payments.
Meanwhile a package of £20-25 million is being considered for sporting bodies who may have to play games without fans.
Many small firms and those who are self-employed, claim they have been excluded from other support schemes and cannot trade under the restrictions.
It is understood traders who are eligible for the proposed scheme could get payments ranging from £400 a week, up to £1,200.
On Wednesday, Mrs Dodds said she had completed the grant scheme, but needed agreement on “further support for tourism and hospitality”, and those who recently became self-employed.
She said she was hoping for “urgent agreement” from executive colleagues at Thursday’s meeting.
It is aimed at those businesses who fall outside a support scheme announced by the Department of Finance last week, which mainly applied to commercial ratepayers and did not include some people who work in close contact services forced to close – hairdressers who rent chairs in hair salons, for example.
GAA and Ulster Rugby are playing matches without fans.
But Irish League football clubs are playing with a limited number of spectators.
Irish League clubs have warned that without compensation they will be placed in financial uncertainty.
Last weekend, Communities Minister Carál Ní Chuilín wrote to Irish League clubs asking them to play behind closed doors.
However, the move was opposed by First Minister Arlene Foster, who said current restrictions did not bar fans.
The existing Localised Restrictions Support Scheme has already received about 7,500 applications from businesses since it opened on Monday.
The Department of Finance has now decided to pay out the full four-week amount in a single payment to businesses.
Ministers are also expected to discuss the latest modelling paper from the Department of Health regarding the spread of the virus in Northern Ireland, and the impact of the current restrictions.
NI’s Chief Medical Officer Dr Michael McBride had said it will take two to three weeks before the effect can be clearly assessed.
The Derry City and Strabane District Council area, which was placed under tighter lockdown restrictions earlier than the rest of Northern Ireland is starting to see a decline in the number of cases recorded.
It is believed some ministers may also raise the Department of Health’s decision to publish evidence that was used to inform the NI-wide interventions imposed by the executive on Friday.
The evidence has been heavily criticised by business groups, with some describing the documents as “flimsy”.
Sinn Féin has called for all of the detail including modelling to be made public.
Health Minister Robin Swann defended the executive’s approach and said the context of the evidence should not be misrepresented.
On Wednesday, First Minister Arlene Foster said “doing nothing was not an option” open to the executive and that ministers had to act last week to stop the health service from becoming overwhelmed.