The Premier League has announced that it will advance £125m to EFL and National League clubs, while a £20m donation has also been made to the NHS.
The league confirmed the news following a video conference call on Friday, where there was also an acknowledgement that it is unlikely football will resume in May and will only restart when it is safe to do so, in line with government advice.
In a statement, the Premier League said: "Discussions also took place regarding financial relief for clubs in the short term and while there is no single solution, measures are to be put in place to immediately deal with the impact of falling cash flow.
"Critically, the League unanimously voted to advance funds of £125 million to the EFL and National League as it is aware of the severe difficulties clubs throughout the football pyramid are suffering at this time."
They would go on to announce that they have also made significant funds available to the National Health Service during the current COVID-19 pandemic.
"The League, clubs, players and managers express huge appreciation for the heroic efforts of NHS staff and all other key workers who are carrying out critical jobs in such difficult circumstances," the statement continued.
"In consultation with the Department for Digital, Culture, Media and Sport, the Premier League is immediately committing £20 million to support the NHS, communities, families and vulnerable groups during the COVID-19 pandemic.
"This includes a direct financial contribution to the NHS and funds to enable clubs to refocus their efforts and develop significant outreach programmes to help communities, including those most in need.
"This funding will enable both immediate and longer-term support during the crisis."
There have been calls for Premier League footballers to take pay cuts, including from health secretary Matt Hancock, with some clubs putting staff through the government's Coronavirus Job Retention Scheme.
However, the league added that all clubs will now consult their players regarding reductions during the league lockdown.
"In the face of substantial and continuing losses for the 2019/20 season since the suspension of matches began, and to protect employment throughout the professional game, Premier League clubs unanimously agreed to consult their players regarding a combination of conditional reductions and deferrals amounting to 30 per cent of total annual remuneration," the Premier League said.
"This guidance will be kept under constant review as circumstances change.
"The League will be in regular contact with the PFA, and the union will join a meeting which will be held tomorrow between the League, players and club representatives."
The Premier League and EFL were previously put on hold until April 30, but it has now been confirmed that both leagues are indefinitely suspended.
"The Premier League is working closely with the whole of professional football in this country," they continued. "As well as with the Government, public agencies and other relevant stakeholders to ensure the game achieves a collaborative solution.
"With this, there is a combined objective for all remaining domestic league and cup matches to be played, enabling us to maintain the integrity of each competition.
"However, any return to play will only be with the full support of Government and when medical guidance allows."
The EFL were grateful for the financial contribution made by the English top-flight, claiming that they will have a "positive impact" on clubs in the English football pyramid.
"The EFL also notes and appreciates the decision taken today by the Premier League in respect of the short term financial relief it is to provide EFL Clubs through the advancement of solidarity payments, parachute payments and Academy Grants," they said in a statement.
"These actions will have a positive impact on individual Clubs across our three divisions at a difficult and uncertain time."