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What is the SETC Tax Credit? The SETC, meaning “Self-Employed Tax Credit”, is a unique tax credit created to give financial relief to self-employed individuals who were harmed by the COVID-19 pandemic. this guide has details was brought in as part of the Families First Coronavirus Response Act (FFCRA) to support sole proprietors, independent contractors, gig workers, and other self-employed professionals dealing with economic challenges due to the pandemic. what is the setc tax credit 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 receive the credit as a refund, even if they have no tax liability. The credit essentially reduces their tax burden on a dollar-for-dollar basis, possibly leading to a significant increase in their tax refund. The SETC tax credit seeks to offer self-employed workers 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 seeks to mitigate income disruptions and support greater financial stability for these professionals.