Overview

• Loans will carry a 4.5% annual interest rate and must start being repaid 15 days after a final budget is signed and recipients receive their appropriations.
• Funding will be drawn from Treasury account 999, which holds about $21.3 billion, and Garrity said shifting $500 million will not create cash‑flow issues.
• The Treasury will reach out to county human services agencies and Head Start providers to gauge need and process applications for short‑term help.
• County officials welcomed the option as a stopgap but pressed for a completed budget, while critics questioned the borrowing costs and noted Garrity’s active gubernatorial bid.
• Garrity said the General Assembly could forgive accrued interest through legislation, and the state Senate plans to reconvene Oct. 3 as negotiations continue.