What is <a href="https://telegra.ph/SETC-Tax-Credit-Guide-07-09-8">this guide has details</a> ?<br /><br />The SETC, short for "Self-Employed Tax Credit", is a specialized tax credit intended to offer financial relief to self-employed workers who were adversely impacted by the COVID-19 pandemic. This credit was implemented as part of the Families First Coronavirus Response Act (FFCRA) to support sole proprietors, independent contractors, gig workers, and other self-employed professionals facing economic challenges due to the pandemic.<br /><br />One of the key features of the SETC tax credit is that it is a refundable credit, not a loan. This means that entitled self-employed individuals can receive the credit as a refund, even if they have no tax liability. The credit significantly reduces their tax burden on a dollar-for-dollar basis, potentially leading to a significant increase in their tax refund.<br /><br /><br /><br />The SETC tax credit aims to provide self-employed individuals financial support comparable to the paid sick and family leave benefits typically offered to employees. By providing this credit, the government understands the unique challenges faced by the self-employed sector during the pandemic and aims to mitigate income disruptions and support greater financial stability for these professionals.<br /><br />