DCMS says it will open a third round of the flagship emergency arts funding programme soon, although a date has not been announced.
Out of £300m, £218.5m will be made available as grants to new and past Culture Recovery Fund recipients.
Funding will allow oganisations to prepare for full capacity reopening and build a financially sustainable future, the department says.
£35m will be directed to the Heritage Stimulus Fund and £20m to the Cultural Asset Fund. Both programmes support works to protect heritage assets at risk.
£35m will be kept as contingency, with £7.5m earmarked for administration costs.