The offer, designed to assist clubs affected by the coronavirus pandemic and made up of grants and interest-free loans, was initially turned down by the EFL after divisional meetings with its clubs on Thursday.
In a statement, the Premier League added that there are “no conditions relating to promotion and relegation, setting the level of salary caps or loan deals, as is being claimed”.
The EFL’s statement described the Premier League’s offer as “conditional”, but the Premier League’s position is that the sole condition is that a club must prove it will soon go out of business because of the pandemic to access the grants and loans.
The Press Association reports that the rescue package comprises of £20million in grants, with the remaining £30m as interest-free loans.
A statement released by the Premier League on Friday evening read: “The Premier League can confirm the rescue package offered this week to League One and League Two clubs remains available.
“This proposal – which consists of grants and interest-free loans totalling £50 million – aims to ensure that no club will go out of business as a result of the financial impact of COVID-19, and all will be able to complete the 2020/21 season.
“There are no conditions relating to promotion and relegation, setting the level of salary caps or loan deals, as is being claimed.
“The Premier League has no intention whatsoever to cause divides and will engage with any EFL club, including those in the Championship, that is suffering severe financial losses due to the pandemic.”
Additional reporting by PA.