The cash will be ring-fenced, meaning it has to be spent on areas such as youth development or community development.
Championship clubs will receive a bigger share of the pot, with League One and League Two clubs receiving smaller amounts.
For teams in the Championship this amounts to a minimum of £757,909, with sides finishing in the top half of the table getting more. League One clubs will receive £103,480 and League Two outfits £68,987.
This money is on top of current central funding from the League, which already sees £1m go to all Championship clubs.
"This is a generous gesture by the Premier League and, on behalf of our clubs, I offer my thanks," said Football League chairman Lord Mawhinney.
"The need for a payment of this kind stems from the significant financial gap that exists between their league and ours, largely due to the financial success of the Premier League. This positive initiative will help to address this issue."
This money will come in the following format:
£5.4m per season for youth development
£4m per season for community investment
£11.2m per season solidarity payment to be split amongst clubs in the Championship, League One and League Two in line with the Football League's regulations on financial distribution
A further £11.2m or £22.4m in seasons where there are spare parachute payments, this year this will be £11.2m
£4m per season for community investment
£11.2m per season solidarity payment to be split amongst clubs in the Championship, League One and League Two in line with the Football League's regulations on financial distribution
A further £11.2m or £22.4m in seasons where there are spare parachute payments, this year this will be £11.2m