The money is part of a government aid package of up to £80m pledged to help 2,200 workers who lost their jobs when the Thai owners went into liquidation.
It will be used to help employees find jobs, support related companies and set up an emergency fund for staff.
Task force chairwoman Amanda Skelton said it was important "recovery work" started quickly.
Ms Skelton, who is also chief executive of Redcar and Cleveland Borough Council, said: "The task force is committed to getting this money through to communities as soon as possible so it can start to make a difference."
A £16.5m fund is to be set up to help local companies employ former SSI workers or their family members.
There will also be a £2.4m fund to help ease the financial burdens facing SSI workers and their families, such as mortgage or rent payments.
Business Secretary Sajid Javid said the support would "make a difference" and the government was "determined to work hard to boost growth and jobs in the Tees Valley".
Workers and supply chain firms affected by the closure of Redcar's SSI steel plant are to get a further £35m.