On the heels of an announcement by State Treasurer Stacy Garrity to offer low-interest loans to counties and head start programs, state Sente Republican leaders are proposing legislation to forgive that interest.
Senate President Pro Tempore Kim Ward, Majority Leader Joe Pittman and Appropriations Chair Scott Martin made the announcement yesterday. Treasurer Garrity made the offer last week that up to $500 million would be made available with a 4.5% interest rate in an effort to keep money flowing to early education and to county human service departments while the budget impasse continues. This proposal from the senate would make sure that those entities would not have to pay the interest.
In a statement, Pittman said that they “remain focused on effectuating a final spending plan that respects taxpayers, while allowing Pennsylvania to grow.” The budget impasse is now entering its fourth month.
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