I believe that the efl and pfa have agreed that all current contracts will be honoured until the end of this season. We are still 12 weeks away from the end of June when contracts would have naturally concluded, and the situation could change significantly by then. But my guess would be that a plan would need to be in place to be able to complete the final couple of months of this season in a reasonable time frame, or the decision will be taken to finish this season without anymore games being played (however that happens).
So in a nut shell, IF this season can reasonably be concluded by say July/August then all contracts, loans, insurance etc will be extended to cover this period. If, as looking more likely, there is no safe way to complete the season during the summer, then finish this season as we are, and prepare for a new season when possible.
I would guess that bridging payments will be put in place to support players out of contract at the end of June but unable to sign new deals due to this situation.