Did you know that those affected by coronavirus pandemic can avail of up to P20,000 calamity loan from Social Security System (SSS)? Through SSS’s Calamity Loan Assistance Program (CLAP), members with at least 36 months worth of contribution can apply starting this week—and yes, you can do it online.

[READ: Lost your job due to COVID? SSS members can get up to P20k cash benefit. Here’s how]

Here’s what you need to know if you are planning to apply:

How much can you get through CLAP?

Depending on your average monthly salary in the last 12 months, members can opt for a loan of up to P20,000. It’s payable over 24 months with 10 percent interest per annum.

What do you need to qualify?

Applicants should have at least 36 monthly contributions, six of which were posted within the last 12 months before the application. Applicants must have a local work or home address as registered in the SSS database. Additionally, you must not have previously granted final benefits like total permanent disability or retirement, and lastly, aspiring applicants should have no outstanding loans under the Loan Restructuring Program.

No, a document of residence is no longer required, unlike in other calamity loan applications. This is because the entire country has been placed under a state of calamity, making all members eligible pending the 36-month contribution prerequisite.

How to apply

You just need to log on to https://www.sss.gov.ph/ through your My.SSS web portal credentials. Once logged in, find “Apply for Calamity Loan” under E-services.

How to receive the loan

It can be deposited on your Unified Multi-Purpose Identification ATM card, through Union Bank of the Philippines Quick Card or through checks mailed to your preferred address.

When will payments start?

Once approved, count up to four months before the start of payment. There will be no advanced interest charged but keep an eye out for the service fee equivalent to one percent of the loan amount. This will be deducted from the amount you will receive. A one percent penalty will be imposed on late monthly payments.