- The SETC is a specialized tax credit designed to provide support to self-employed individuals during the COVID-19 pandemic. It acknowledges the unique challenges faced by those who work for themselves, especially during times of illness, caregiving responsibilities, quarantine, and related circumstances. This credit can be a valuable resource for eligible individuals to help bridge financial gaps caused by unforeseen disruptions.
- Understanding the unique circumstances that self-employed individuals face, we've partnered with GigWorker Solutions to ensure that you don't miss out on this invaluable opportunity. Whether you're a self-employed business owner, a 1099 subcontractor, or a family-centric small business, the SETC holds the potential to bridge the gap left by more traditional forms of support.
1 - Employment Status: If you were self-employed in 2020 and/or 2021, you could potentially qualify for the SETC. This includes sole proprietors who run businesses with employees, 1099 subcontractors, and single-member LLCs. If you filed a “Schedule C” on your federal tax returns, you're on the right track!
2 - Covid Impacts: Whether you battled COVID, experienced COVID-like symptoms, needed to quarantine, underwent testing, or cared for a family member affected by the virus, the SETC could be your financial relief. If the closure of your child's school or daycare due to COVID restrictions forced you to stay home and impacted your work, we're here to help.
- Sub S or True S Corps / C Corps are not eligible for the SETC. This unique tax credit is exclusively available to business owners who filed a “Schedule C” in their federal tax returns for 2020 and/or 2021.
- If you have received PPP funds specifically designated for Sick Leave and later had that PPP loan forgiven, it may have an impact on your eligibility for credits under the SETC program. We require that you disclose this information to our team. This is because the amount categorized as 'payroll costs' in the PPP loan will not be considered when calculating your SETC eligible days and amounts.