The Koroit Truck, the Koroit Lake School and Port Fairy's Moyneyana Festival, have all received allocations from the Moyne Shire Council festival and events funding.

Moyneyana received $10,000, the truck show $5300 and the lake school $6300.

The truck show will take place at Victoria Park on January 23, while the lake school will be happening in venues across Koroit from January 2-7.

The Moyneyana Festival committee has announced it would trim the size of the festival from a month to two weeks for 2020-21. The festival will begin on Christmas eve.

This decision to shorten the event has been made due to the uncertainty around COVID-19 and the financial strain being placed on the town's businesses, who also contribute sponsorship which plays a big part in the funding of the festival.

The Moyneyana Festival has also sponsorship of $1000 from Pacific Hydro as part of its Great South West Sustainable Community Fund.

Moyneyana Festival president Neil Hedger was thrilled with the funding.

"This is a tough time for everyone so this type of support is much appreciated," Mr Hedger said.

Mr Hedger said plans for the festival were still "a little bit up in the air" but the committee was preparing for all possible equations.

"Plan A is for it go ahead as close to normal as possible, plan B will be with significant cutbacks and plan C would be for it not to go ahead.

"Time will tell as to what ends up happening but we are working hard to prepare."