Launching of SSS COVID-19 Calamity Loan Set on April 24, 2020
SSS COVID-19 CALAMITY LOAN – The Social Security System (SSS) is set to launch the said offer on April 24, 2020.
Undeniably, a lot of people are affected by the outbreak of the 2019 coronavirus or COVID-19 in the Philippines. A total of 5,660 cases of the said disease were confirmed in the country as of this writing.
To contain the spread of the disease, the Department of Health (DOH) and the authorities are advising the people to stay at home and to prevent social distancing.
Also, in line with the national health crisis, enhanced community quarantine is implemented in the entire Luzon. It is also observed in most parts of Visayas and Mindanao.
The quarantine and the stay-at-home protocol affected a lot of workers in the Philippines. Several businesses closed while others are on a temporary suspension of the operation in line with the fight against COVID-19.
To help its members, the Social Security System will launch the SSS COVID-19 Calamity Loan. Under the said offer, a member may borrow up to Php 20,000.00 from the social insurance institution.
Based on a report on Inquirer, SSS Vice President for Public Affairs and Special Events, Fernando Nicolas, said that the launching of the SSS COVID-19 Calamity Loan will be on April 24, 2020.
Over 1.74 million SSS members may benefit from the program wherein P20.4 billion was allocated. According to the report, the application must be done online on the SSS website.
For approved applications, the loan proceeds will be deposited on the bank account of the SSS member and he or she will have to pay for it in 27 months.
The 27-month loan term is inclusive of the three-month moratorium. Based on the report, the borrower may start paying on the fourth month and the service fee of 1% is waived.
Also, a “diminishing principal balance” computation would be implemented on the calamity loan. According to Nicolas, members may apply for it from March to May to suffice their needs.
Thank you for visiting Philnews.ph. You may express your thought below through the comment section. You may also follow us on Twitter or on our YouTube channel Philnews Ph.
READ ALSO: Pag-IBIG Calamity Loan 2020: How Much You May Borrow & How To Apply
I want to apply for a COVID19 calamity loan.
Thank you!
Hi KO bud pm po. Mg apply po sana me nng emergency calamity loan for covid 19.tnx po. God bless u
How about me a survivor pensioner,can I avail on this program ? Im only receiving an amount of P4,300. Monthly
to prevent social distancing talaga?
in a hurry or just careless?
Gusto ko po mag apply ng covid calamity loan,meron po bang online,mhrap po kc mkaalis ng bahay kc lockdown,tnx po
Ini-renew ko yung salary loan ko kahit hindi pa tapos bayaran ng buo kasi need namin ng family ko kasi nag ECQ. Tapos ang ginawa ng SSS ay ikinaltas ng buo ang balanse ng COVID19 Calamity Loan at yung balanse ng ng salary loan. Halos wala nang natira sa loan ko. Yung 30k kong loan naging 1,200+ nalang ang makukuha.