SETC under the FFCRA

Summary of Eligibility Requirements for Self-Employed Tax Credits
Eligible individuals: Self-employed persons, such as sole proprietors, freelancers, gig workers, 1099 contractors, and single-member LLCs in the U.S.
Qualifying criteria: Must have filed a Schedule C for 2020 or 2021 and demonstrate COVID-19 impacts, such as illness or income disruptions.
SETC Partner Portal: Assists self-employed individuals in claiming the Self-Employment Tax Credit.
Credit calculation:
Illness/Quarantine: Up to $511 daily for 10 days ($5,110 total).
Caregiving: Up to two-thirds of average daily income, capped at $200 per day, with maximum claims of 50 days in 2020 and 60 days in 2021 (up to $12,000).
Claiming procedures: Requires IRS Form 7202 and Schedule C, proof of income disruptions, and reporting on Form 1040. Amended returns use Form 1040-X.
IRS advisory: The credit relates to COVID-19 under the FFCRA and ARP; misinformation may lead to claim rejections.
Advance payment option: Credit advances are available for a 10% fee, and funds are provided within 15 to 30 business days.