Some clubs have furloughed non-playing staff before any reduction to players' wages
Premier League clubs will ask players to take a 30% pay cut in order to protect jobs as it was announced the season will not resume until "it is safe and appropriate to do so".
All clubs have agreed to put the proposed "combination of conditional reductions and deferrals" to players.
The Premier League will give £125m to the EFL and National League, plus £20m to the NHS and vulnerable groups.
Clubs still intend on completing all league and cup fixtures.
The EFL, Women's Super League and Women's Championship have all suspended play without setting a target return date, meaning the entirety of English football is on hold indefinitely.
"Any return to play will only be with the full support of government and when medical guidance allows," the Premier League said.
"It was acknowledged that the Premier League will not resume at the beginning of May - and that the 2019-20 season will only return when it is safe and appropriate to do so."
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Players had faced scrutiny, notably from health secretary Matt Hancock, to take a cut in wages and "play their part" in offering support during the coronavirus pandemic.
Some clubs had furloughed non-playing staff as a result of the shutdown of the sport.
Captains of the clubs - led by Liverpool skipper Jordan Henderson - have held discussions over the creation of a charitable fund which would likely benefit the NHS.
After Friday's meeting, the Premier League has proposed a cut in wages in order to "protect employment throughout the professional game".
"This guidance will be kept under constant review as circumstances change," the Premier League said. "The League will be in regular contact with the Professional Footballers' Association and the union will join a meeting which will be held tomorrow (Saturday) between the League, players and club representatives."
More to follow.
Source: bbc.com