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Championship clubs will not have access to a loan pool, while grants will be available to League One and League Two teams.
The Premier League and the English Football League (EFL) agreed on a £ 250 million ($ 337 million) rescue package to help clubs overcome the financial challenges of the coronavirus pandemic.
Championship clubs will have access to a pool of £ 200 million ($ 269 million) of interest-free loan funds, while a grant of £ 50 million ($ 67 million) will be available to those in League One and Two.
Loans to second-tier clubs will be capped at £ 8.33 million ($ 11.2 million) and must be repaid in June 2024.
Richard Masters, Executive Director of the Premier League, said: “The Premier League is a strong supporter of the football pyramid and is well aware of the important role that clubs play in their communities. Our commitment is that no EFL club needs go bankrupt 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 financing and support to EFL clubs in real financial distress.
“We are very pleased to have reached this agreement and join the EFL in our commitment to protect all clubs in these unprecedented times.”
EFL President Rick Parry also welcomed the resolution after lengthy discussions.
“Our main objective throughout this process has been to ensure that all English as a Foreign Language clubs survive the financial impact of the pandemic,” he said.
“I am pleased that we have reached a resolution on behalf of our clubs and, as we have maintained it throughout this time, it will provide much needed support and clarity after 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 tangible and welcome commitment to the professional game at a time when it has been most needed.” .
Fans returned to some Football League grounds this week after England’s national lockdown was replaced by a tiered system.
However, with assistance limited by social distancing measures, clubs are unlikely to benefit from hosting matches in such circumstances.
The deal agreed on Thursday is expected to prevent clubs from going bankrupt in the worst case.