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What is learn more ? The SETC, which stands for “Self-Employed Tax Credit”, is a unique tax credit designed 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. One of the key features of the SETC tax credit is that it is a refundable credit, not a loan. This means that eligible self-employed individuals can obtain 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. click here seeks to offer self-employed workers financial support similar to the paid sick and family leave benefits typically offered to employees. By giving this credit, the government recognizes the unique challenges faced by the self-employed sector during the pandemic and aims to mitigate income disruptions and ensure greater financial stability for these professionals.