Saint Vincent's Hospital is getting some help from the state to deal with its financial crisis.

Governor David Paterson is authorizing $6 million for the cash-strapped hospital to help it make payroll.

The no-interest loan comes on top of the $2 million already given by GE Capital which, along with TD Bank, holds a combined $300 million in debt on the hospital.

The two are backing a proposal to have Continuum Health Partners take over the hospital and convert it to a community health center. Inpatient care and surgical services would cease and emergency services would be scaled back.

Last week, residents, businesses and elected officials rallied against the proposal. Residents say after the September 11th terrorist attacks, the hospital was critical in treating hundreds of survivors, and are worried about what could happen.

"All the people went to St. Vincent's, you know, fireman, policemen, people that worked in the World Trade Center,” said one Greenwich Village resident.

"St. Vincent's is important to the neighborhood and I'm sure the governor realizes that,” said another. “Obviously we're in tough times, but for St. Vincent's to go away would be devastating."

The governor is expected to meet with the hospital's board, elected officials, and lenders Wednesday to discuss possible ways the hospital can restructure.

St. Vincent's says it is appreciative to the governor for his support.