Since he is short stack we can't call for set value here.
I guess with such a low vp$ip (admittedly over a small number of hands) and the bet size he seems to be a genuine SSS player.
If he is playing by poker strategy SSS then his range from the SB should be
77+, AJ+ and KQ against which we have 40% equity. So a call is setting us up for a bad situation however we can save money if we hit a bad flop and probably take down his stack if we hit a decent flop. Not sure how to do calculations for this.
However if we push and he is playing by SSS then he should fold everything except for TT+ and AK. TT+ and AK which is 3.47%/8.45% = 41% of his range. So he will fold 59% of the time. In theory. Against the calling range we have 12% equity.
So our EV = He folds + He calls, we win + He calls, we lose.
= (0.59 x +$0.55) + (0.41 x 0.12 x + $1.55) - (0.41 x 0.88 x $1.55)
= -$0.14
Since our EV is negative we should fold. However this is assuming he is playing by poker strategy rules. If we think he will raise/call push looser then we probably make more money because every additional hand he calls is one that we are ahead of and increases our equity.