This year's US Open winners will receive $850,000 less than the 2019 champions, but the United States Tennis Association (USTA) upped the first-round prize money.
The major will take place behind closed doors in New York amid the ongoing coronavirus pandemic and is scheduled to begin on August 31.
Men's and women's singles winners in 2020 will receive $3million, down from the $3.85m that was paid out last year, with the total player compensation package dropping from a record $57.2m for the previous edition to $53.4m.
While runners-up, semi- and quarter-finalists will also see their payouts reduced, a first-round appearance will earn $61,000 in 2020 – an increase from $58,000 in 2019.
The USTA will also provide $6.6m in grants and subsidies to players due to the absence of a qualifying tournament and a reduced doubles draw.
"We're proud to be able to offer a player compensation package that maintains nearly 95 per cent of the prize pool from 2019," said USTA CEO and executive director Mike Dowse.
"The prize money distribution for the 2020 US Open is the result of close collaboration between the USTA, WTA and ATP, and represents a commitment to supporting players and their financial well-being during an unprecedented time."
Men's reigning champion Rafael Nadal and women's world number one Ash Barty have opted out of the US Open due to concerns about COVID-19.