Earlier on Friday, Portsmouth chief executive Mark Catlin said there had been unanimity among League One clubs in rejecting the offer.
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.
"It is woefully short of what's required".
The likes of Henry and the Glazers have little concept of the importance of football clubs to their communities, particularly in the lower leagues, coming as they do from the U.S. where sport franchises are happy to relocate if a different city offers them a more lucrative deal.
Project Big Picture may have sounded impressively philanthropic, but it was anything but as the biggest beneficiaries would inevitably have been the big clubs who would gain greatly while giving relatively little away in practice.
The Premier League said the plans formed by Liverpool and United's American owners with EFL chairman Rick Parry would be damaging for the English game.
The reform plans had been "unanimously" backed by the EFL, principally as it would have seen a renewed funding structure to football league clubs, as well as providing a much needed £250 million bailout to aid those impacted by the coronavirus pandemic.
Despite the EFL's collective rejection of the £50m Premier League offer, Forest Green chairman Dale Vince said there was a possibility that one or more clubs would be in such dire straits that they could break ranks and go direct to the Premier League for help.
The Premier League said its offer remains on the table and it was ready to engage with the EFL and would talk to any of its clubs in immediate risk due to the crisis.
The EFL stressed the need for unity across the three divisions it runs below the Premier League.
Despite having vehemently rejected the suggestion that foreign owners wanted to scrap relegation back in 2011, in a recent interview with SportsPro Liverpool owner John W Henry said: "It's much more hard to ask independent clubs to subsidise their competitors beyond a certain point when you have relegation and especially with the way media is rapidly changing and being consumed today". "We strongly urge the Premier League and the EFL to continue to work constructively to come up with a deal that provides a comprehensive package of support for the whole football family".