On April 24, 2020, the Social Security System (SSS) announced the launching of an online facility for filing calamity loans. Since the Enhanced Community Quarantine (ECQ) is extended until the second half of May, it is deemed purposeful for the government to help private employees and self-employed individuals who need funds but are not able to go out of their homes. The agency allotted ₱20.4 billion for its 1.74 million members.
If you wish to learn more about SSS Calamity Loan online application, here’s a quick guide to start you off.
What is the SSS Calamity Loan about?
The SSS Calamity Loan Assistance Program or SSS CLAP is offered only to members of SSS who are in the areas placed under the State of Calamity, be it a natural or man-made disaster.
In the present situation, all members, residents or workers affected by the ECQ can apply for the loan program from the said state-fund pension agency. This is in response to the global emergency caused by COVID-19, or coronavirus disease, giving financial support to members for their needs from March to May.
(Read: How To Avail Of The SBWS Program)
How much can I get from the SSS Calamity Loan?
Here are the details you need to know about the Social Security Services’ emergency loan assistance program:
- Amount of benefit: Up to ₱20,000 or one-month salary credit
- Interest rate: 10% (computed on diminishing principal balance)
- Service fee of 1%: Waived
- Loan term: 27 months
- Moratorium or grace period: 3 months
- Amortization or loan payment: Starts on the fourth month upon approval
- The loan proceeds will be sent on the member’s registered bank account on SSS online platform
Who are eligible to apply for the SSS CLAP?
The following SSS members are qualified to apply for a calamity loan amid COVID-19:
- Residents, employees, or property owners affected by the ECQ caused by the pandemic
- Not more than 60 years of age upon the loan maturity
- Have a minimum 36-month contribution (six of these contributions must have been posted for the past 12 months)
- Have claimed the retirement program, total permanent disability benefits, and death benefits
- Have no previous calamity assistance loans or unpaid loans
How to file an SSS Calamity Loan online application
The application of the calamity loan must be accomplished via the official website of the Social Security System (sss.gov.ph). However, due to the high volume of visitors and applicants, the website was temporarily dedicated to employers to maximize the bulk processing of the Small Business Wage Subsidy Program application, which lasts until May 8, 2020. You may also file the loan on the agency’s online platform (My.SSS).
From then, any further information you wish to know is unavailable as of this writing. We will update this article once the SSS releases new details on the launch of the online application for calamity assistance.