The Premier League and the EFL agreed to a £250-million rescue package for lower-league clubs who are struggling financial challenges of the COVID-19 pandemic.
Clubs in League One and Two will receive a £50 million grant, while in the second-tier Championship the clubs will have access to a £200m loan facility.
Richard Masters, Premier League Chief Executive, said: "
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."
Rick Parry, EFL chairman, 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."
The contract reached on Thursday is likely to prevent the scenario of clubs going out of business.