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What is the SETC Tax Credit? setc tax credit , which stands for “Self-Employed Tax Credit”, is a unique tax credit intended to offer financial relief to self-employed workers who were negatively affected by the COVID-19 pandemic. officialsetcrefund 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. One of the key features of the SETC tax credit is that it is a refundable credit, not a loan. officialsetcrefund means that eligible self-employed workers can obtain 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 seeks to offer self-employed individuals financial support comparable to the paid sick and family leave benefits typically offered to employees. By providing this credit, the government recognizes the unique challenges faced by the self-employed sector during the pandemic and attempts to mitigate income disruptions and promote greater financial stability for these professionals.