Had a dig on the internet and this from Sky Sports at the time seems the most coherent explanation I could find regarding the loans given to individual clubs:
“The remaining £20m, called the ‘Monitored Grant’, will allow clubs to apply based on “need”, the EFL-Premier League statement said, with a panel set to determine each club’s eligibility.
The statement added: “Clubs subsequently in receipt of a ‘monitored grant’ will be subject to certain restrictions, in respect to transfer spend and player wages.
“Clubs who keep to the restrictions will not have to repay any of the funding required, whereas for clubs in breach, the ‘monitored grant’ becomes repayable by the club.
“Any club in receipt of a grant or monitored grant payment will be required to continue to maintain compliance with the EFL’s financial regulations.”
