The money will be available by application only to New York families in need. Families can be reimbursed for funeral and burial costs up to $7,000.
Details of the new program were unveiled by the two lawmakers at a joint news conference Monday morning in Queens.
RELATED: Where can you get a COVID-19 vaccine? Tracking availability and progress
The initiative is being funded through a $2 billion national pot of disaster funds that now includes $260 million specifically for New Yorkers.
The funding is aimed at alleviating some of the suffering undergone by families across New York, particularly in hard-hit communities of color, and low-income communities like Corona, Queens, which was the epicenter of the pandemic when in first hit.
3rd stimulus check: Why you shouldn't expect another payment for weeks -- if at all
MORE CORONAVIRUS COVID-19 COVERAGE
New York City COVID-19 Vaccine Tracker
New Jersey COVID-19 Vaccine Tracker
Find out if you are eligible and where you can go to get your vaccine
Do you have coronavirus symptoms?
Where to get tested in New York, New Jersey and Connecticut
WATCH: Eyewitness to a Pandemic
Centers for Disease Control and Prevention on coronavirus
Submit a News Tip or Question