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What is the SETC Tax Credit? The SETC, meaning “Self-Employed Tax Credit”, is a specialized tax credit intended to give financial relief to self-employed people who were negatively affected 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 experiencing economic challenges due to the pandemic. how to apply for 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 people can receive the credit as a refund, even if they have no tax liability. The credit effectively reduces their tax burden on a dollar-for-dollar basis, possibly leading to a significant increase in their tax refund. The SETC tax credit aims to provide self-employed people financial support similar to the paid sick and family leave benefits typically offered to employees. By offering this credit, the government acknowledges the unique challenges faced by the self-employed sector during the pandemic and aims to mitigate income disruptions and promote greater financial stability for these professionals.