England's players will share bonuses worth up to £12million if they win the European Championship, but will not receive any of the money until autumn.
Under the terms of a £175m Bank of England loan to help them mitigate the pandemic's impact, the FA are prohibited from paying any bonuses or dividends until the debt has been repaid, which will not be until September at the earliest.
Arsenal opted to repay a £120m loan from the Bank of England early last month to give them greater flexibility in the transfer market.