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What is the SETC Tax Credit? The SETC, which stands for “Self-Employed Tax Credit”, is a unique tax credit created to provide financial relief to self-employed individuals who were negatively affected by the COVID-19 pandemic. setc tax 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. 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 get 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. https://squareblogs.net/monthatm0/the-setc-tax-credit-64qm aims to provide self-employed people financial support similar to the paid sick and family leave benefits typically offered to employees. By giving this guide has details , 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.