The Social Security System (SSS) COVID-19 Calamity Loan To Be Launched on April 24, 2020. Filipino is now fighting against a pandemic that caused the locking down of several nations. Everyone is advised to stay at home and to wear a mask when they are out in public for very essential purposes.

As of 4 PM today, April 17, 2020, the Department of Health reports 218 new cases (PH5661-PH5878) of COVID-19. The total number of cases in the country is now at 5,878. DOH also announce 52 new recoveries. This brings the total number of recoveries to 487.

According to Fernando F. Nicolas, SSS vice president for public affairs and special events told to a webinar on Wednesday (April 15) that the SSS would launch a nationwide calamity loan program for COVID-19 on April 24, 2020.
According to Nicolas, the SSS members could borrow up to P20, 000 or equivalent to a one-month salary credit. The loan will be made available to all members for their needs from March to May 2020.

SSS COVID-19 Calamity Loan Application, Forms & Details

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Fernando F. Nicolas also stated that SSS had set aside some P20.4 billion for over 1.74 million members who were projected to need help as their jobs or sources of livelihood had been hit badly by the pandemic.

The SSS loan application will be accepted through the SSS website or its mobile app as members can file using their My.SSS account. “Once approved, loan proceeds will be credited through the member’s enrolled bank account,¨ said Nicolas.

The loan is payable in 27 months, inclusive of the three-month moratorium period. Payments could start in the fourth month after the date of loan approval, he said. Based on the report, the borrower may start paying in the fourth month and the service fee of 1% is waived.

Also, a “diminishing principal balance” computation would be implemented on the calamity loan.

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