NASHVILLE (AP) — The Nashville Symphony has reached an agreement with its musicians' union to provide them with a stipend while live performances are suspended.

The agreement announced on Friday gives musicians $500 per week and continued health insurance through the end of next July. In return, the musicians will produce virtual performances, participate in educational initiatives, and help develop a plan for a safe return to the concert hall, according to a joint news release from the symphony and the Nashville Musicians Association.

The musicians were furloughed on July 1 after the symphony board of directors voted to suspend concerts through July 31, 2021. The organization has suffered what President and CEO Alan Valentine called "staggering financial losses" due to the pandemic.

Nashville Musicians Association President Dave Pomeroy said in the release that it was fortunate they could reach an agreement "to give some assistance to these world-class musicians, and help them get through this unprecedented time."