The Premier League and Football League have reached an agreement regarding a rescue package to help clubs in the EFL deal with the financial implications of the coronavirus.
The lack of gate money and match day revenue has crippled clubs further down the football pyramid, who are not afforded the lucrative TV deals that Premier League clubs continued to receive during the pandemic.
After a period of talks, approval has now been given by Premier League clubs and the EFL board, acting on behalf of its membership, at a shareholder meeting to loan an interest free £200m to the Championship, while Leagues One and Two will receive a £50m grant.
In a statement released on the Premier League website, 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."
Premier League chief executive Richard Masters also commented on the deal, adding: "The Premier League is a huge 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."
One other piece of good news for clubs that fall within the government's tier 1 and 2 system is the return of a select number of supporters to grounds. Up to 2,000 fans were allowed to attend some Championship fixtures on Wednesday night, the first step on a long journey to get football back to some semblance of normality.