The Premier League and the EFL have agreed a rescue package to protect lower-league clubs from going under amid the coronavirus pandemic.

Clubs across the Championship will receive £200m loan from the Premier League, while clubs in the third and fourth tier of English football will receive a £50m grant.

The news follows months of negotiations between the two competitions.

EFL chairman 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 (chief executive) Richard Masters and (chairman) 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."

Masters 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."

The package for Leagues One and Two is understood to be £30million to be split between the 48 clubs in those divisions, plus access to a further £20million package of monitored grants.

The £30m will be paid immediately from the Premier League to help cover lost matchday revenue. Each club in League One will receive a minimum £375,000 and each club in the division below will get a minimum £250,000.

The remaining £15million of that pot will be divided using a calculation of lost gate revenues which will be approved by the Premier League and the EFL.