Alli, 24, put a video on Snapchat in February in which he joked about the outbreak and appeared to mock an Asian man.
The England international has also been fined £50,000 and ordered to under take an education course.
He will miss Tottenham's match at home to Manchester United on 19 June.
In his hearing, Alli said that he had "very quickly" realised the video - filmed in an airport - may have the "potential to cause upset" and deleted it before catching his fight.
However, he said he had been "betrayed" by a friend who sold the video on his private account to the media.
In a statement, Alli said: "In response to the FA decision, I would like to apologise again for any offence caused by my behaviour.
"It was an extremely poorly judged joke about a virus that has now affected us more than we could ever have imagined.
"I'm grateful that The FA has confirmed that my actions were not racist because I despise racism of any kind. We all need to be mindful of the words and actions we use and how they can be perceived by others."
More than 41,000 people have died with coronavirus in the UK, and more than 416,000 worldwide.
In a statement, the FA said: "The Tottenham Hotspur FC player denied that a social media post breached FA Rule E3(1), as it was insulting and/or improper and/or brought the game into disrepute, and constituted an "Aggravated Breach", which is defined in FA Rule E3(2), as it included a reference, whether express or implied, to race and/or colour and/or ethnic origin and/or nationality.
"However, it was subsequently found proven by an independent Regulatory Commission."