What is <a href="https://output.jsbin.com/vaxijowuzu/">learn more</a> ?<br /><br /><br /><br />The SETC, short for "Self-Employed Tax Credit", is a unique tax credit intended to offer financial relief to self-employed individuals who were adversely impacted by the COVID-19 pandemic. This credit was introduced 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 qualified self-employed workers 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, likely leading to a significant increase in their tax refund.<br /><br />The SETC tax credit is intended to give self-employed workers financial support similar to the paid sick and family leave benefits typically offered to employees. By giving <a href="https://k12.instructure.com/eportfolios/731563/Home/How_to_Claim_the_SETC_Tax_Credit">https://k12.instructure.com/eportfolios/731563/Home/How_to_Claim_the_SETC_Tax_Credit</a> , the government acknowledges the unique challenges faced by the self-employed sector during the pandemic and seeks to mitigate income disruptions and promote greater financial stability for these professionals.<br /><br />