Welsh Rugby Union (WRU) interim chief executive Steve Phillips says a £20m loan, which will go to the four regions, has been agreed.

"I am delighted the loan has now come through," said Phillips.

"It has been a long road, probably longer than I thought, but the point is we have got there."

The WRU has an annual turnover of £90m, more than half of which is generated by international matches. Most home fixtures have not been held in 2020 because of coronavirus.

It is understood a projected £26m was allocated for the four sides for the 2020-21 season pre Covid-19, but that has fallen to less than £4m.

The WRU has agreed a coronavirus large business interruption loan scheme with the NatWest bank, with the government-backed deal featuring a five-year negotiated repayment period.

"We are now credit-approved by NatWest so the loan is now being delivered subject to documentation which I reckon is going to take 10-14 days," said Phillips.

"That is now in the hands of our lawyers and NatWest who we must thank.

"In all fairness to NatWest and others, it's a big ask on top of our existing facilities. They recognise where we are, I think they trust us, they would not lend us £20m if they didn't.

"The rates are dictated by NatWest and or government and we have ended up with a sensible rate. So we have ended up in a place I am pleased with."

The four Welsh regions, who have been discussing how the £20m will be distributed.

"I will be in touch with our regional colleagues to see how that will operate and when funds will flow," said Phillips.

"The Professional Rugby Board are consulted, but it is a direct relationship between the WRU and the regions because that is how banking works.

"NatWest lends to the WRU who onward lend to the four regions is how it works.

"The money is divided by consensus within the four regions to satisfy the individual needs.

"They have worked collectively and ended up with a split they are comfortable with between themselves. I am not going to tell you the share, but the four chairmen have been able to sit down and come to a conclusion on how the £20m was best to serve Welsh rugby."

Steve Phillips was heavily involved in the loan negotiations in his previous role as WRU finance director.

This deal has been agreed in the first week of Phillips' reign as interim chief executive, replacing Martyn Phillips.

Where will Wales play in the autumn?

He faces another challenge as he looks to cement where Wales will play their autumn international games with the Principality Stadium still out of action.

Wales will play Ireland, Georgia and England in pool matches in the new Autumn Nations Cup before a final game on 5 December.

This will follow a friendly away to France on 24 October before the rearranged final 2020 Six Nations match against Scotland on 31 October.

Venues have not been confirmed for the 'home' matches, with Wales looking to host matches against Scotland, Georgia and England and one other side depending on Autumn Nations Cup results.

The WRU wants to host games in London if crowds are allowed, with Premier League football clubs such as Tottenham Hotspur, Arsenal and West Ham United having been approached over potential use of their grounds.

But the governing body is waiting on decisions surrounding attendances at major events in England by the UK government.

The Tottenham Hotspur Stadium is available for the match against England on 28 November, with Jose Mourinho's side away at Chelsea in the Premier League that weekend.

The Emirates is available for the Scotland game with Arsenal at Manchester United.

If no crowds are allowed then the games will be held in Wales, with Parc y Scarlets in Llanelli the favoured destination.

"We are at the mercy of government guidelines," said Phillips.

"If we could get into London with crowds great, but if that's not possible we are running a double strategy with a plan B for Wales.

"We are going to try to hold on for as long as we can but recognise that can only last for a matter of weeks and we won't go much longer than that."

Phillips explained that making money from international rugby would help with the loan.

"It would be wrong of us not to explore every avenue of gaining revenue," said Phillips.

"If we can get crowds in London and that could create £X-million for us because of the way the structure works, that would come off the £20m, which would ease the burden on Welsh rugby."