Published: November 6, 2020 | Updated: November 9, 2020 | Posted by: Moneymax | Government Services
Due to the rising numbers of COVID-19 cases, the entire Luzon region was put on strict quarantine last March, causing businesses to temporarily shut down and many individuals losing their employment. Indeed, the past few months was challenging financially-speaking. Fortunately, SSS members can apply for an SSS Calamity Loan, a calamity assistance package that provides financial assistance to members affected by the pandemic and other declared calamities in the Philippines. Learn all about this calamity loan below.
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Offered by the SSS or Social Security System, the SSS Calamity Assistance Program (CLAP) is for calamity-stricken members who are in need of financial aid. Below are the features and fees of this loan assistance program.
Below is the SSS calamity loan eligibility criteria. Make sure you qualify before applying for the calamity loan:
Note: Because of the COVID-19 pandemic, the SSS calamity loan is now available to all SSS members nationwide, according to SSS President and CEO Aurora Ignacio. Also, the agency is no longer requiring applicants to submit documents proving that their location is under the state of calamity.
The SSS calamity loan amount is equal to one-month salary credit (MSC), based on your average MSCs in the last 12 months. It may also be equal to the amount you requested in your application, whichever of the two is lower.
Typically, you need to go your nearest SSS branch to submit your loan application. Now you can file your SSS calamity loan application online through the My.SSS web portal at www.sss.gov.ph.
The deadline for the latest CLAP was in September 14, 2020. According to the SSS, they will soon announce to the public if a new calamity loan package will be available for its members. In the meantime, if your area was recently affected by a calamity, you can still proceed with your SSS calamity loan application.
It usually takes three to five working days for the SSS to process a calamity loan. You can receive the proceeds through the following channels:
The calamity loan is payable through salary deduction. You can also pay for it in any SSS branch, an SSS-accredited bank, or an SSS authorized payment center. The payment deadline is on or before the last day of the month. However, if the payment deadline falls on a Saturday, Sunday, or holiday, you should make your loan payment on the next working day.
If you fail to pay your outstanding calamity loan balance, SSS will deduct the remaining amount (with an interest and penalty fee) from other SSS benefits you intend to claim in the future.
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The SSS calamity loan aims to ease financial burdens caused by a calamity like the COVID-19 pandemic. Applying for the financial assistance has become easier since you can now do it online. Make sure to have all the requirements when applying for this SSS loan.
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