Grants of up to £9000 per property will be offered to businesses in the retail, hospitality and leisure sectors, the Treasury said.
The payments are expected to cost £4bn and support 600,000 business properties across the UK, as a new national lockdown begins.
Another £594m will be made available to councils and devolved nations to support businesses not covered by the new grants.
The Scottish Government will receive £375m, the treasury said.
Chancellor Rishi Sunak said: “The new strain of the virus presents us all with a huge challenge – and, whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the spring.
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The payments will be based on the size of each store, pub, cafe or hotel tied into the business rates typically paid by each business. The smallest sites will be able to claim up to £4000 and medium-sized ones £6000.
However, the Chancellor stopped short of extending the business rates holiday, which ends in April, despite calls from retail and hospitality leaders for such a move.