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.