The Premier League and the EFL have agreed on a rescue package worth £250m to help clubs financially impacted by the Covid-19 pandemic.
Negotiations between the two bodies concluded after the clubs took action to address the immediate financial challenges faced by EFL clubs arising as a result of the Covid-19 pandemic.
Details of how the money will be distributed were revealed in an official joint statement released on Thursday afternoon.
"A fund of £50m in the form of a grant and monitored grant payments has been agreed for League One and Two Clubs while the Premier League will provide a further financial commitment to assist the EFL in securing a £200m loan facility that Championship Clubs will be able to utilise interest free," reads the statement.
"Premier League Clubs have given their final approval to the agreement at today’s shareholder meeting and this followed earlier approval of the deal by the EFL Board, acting on behalf of its membership."
EFL Chair, Rick Parry, said: “Our over-arching aim throughout this process has been to ensure that all EFL Clubs survive the financial impact of the pandemic.
"I am pleased that we have now reached a resolution on behalf of our Clubs and as we have maintained throughout this will provide much needed support and clarity following months of uncertainty.
"I would like to thank Richard Masters and Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most."
Richard Masters, Premier League Chief Executive, said: "The Premier League is a huge a supporter of the football pyramid and is well aware of the important role clubs play in their communities.
"Our commitment is that no EFL club need go out of business due to COVID-19. All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League Shareholders today unanimously agreed to provide additional funding and support for EFL clubs in real financial distress.
"We are very pleased to have reached this agreement and we stand together with the EFL in our commitment to protect all clubs in these unprecedented times."