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What is how to apply for the setc tax credit ? The SETC, which stands for “Self-Employed Tax Credit”, is a specific tax credit created to offer financial relief to self-employed individuals who were negatively affected by the COVID-19 pandemic. officialsetcrefund 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 dealing with 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 entitled self-employed people 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, possibly leading to a significant increase in their tax refund. The SETC tax credit is intended to give self-employed individuals financial support comparable to the paid sick and family leave benefits typically offered to employees. By offering this credit, the government recognizes the unique challenges faced by the self-employed sector during the pandemic and attempts to mitigate income disruptions and support greater financial stability for these professionals.