Mid-year 'cost of living' payment

As a relatively small business we have very strong communication lines with all employees, and currently we are getting a sense that many colleagues are feeling anxious about the winter ahead and potential financial difficulties, especially with the new way of working, meaning many people are largely at home for the majority of the week. We have (very briefly) discussed the potential of setting up a hardship fund, which could be accessible for those employees that are struggling, however, I just wondered if anyone else had done this before or are also considering this, and how this would potentially work? I realise there is probably some tax rules etc. but I'm particularly interested in how we'd qualify who could access the fund, how we make employees aware of it, and above all that its fair and equitable throughout the business. Any advice much appreciated.