The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 as a response to the economic fallout from the COVID-19 pandemic. It included several provisions to provide financial relief, including:
<ol>
<li>Stimulus Payments: Direct financial payments to individuals and families to alleviate economic strain during the pandemic.</li>
<li>Small Business Assistance: Programs like the Paycheck Protection Program (PPP) provided forgivable loans to help small businesses maintain their workforce.</li>
<li>Unemployment Benefits: Extended and expanded unemployment benefits, including those for self-employed workers and gig economy workers.</li>
<li>Healthcare Funding: Allocations to support healthcare facilities and providers, with added funding for telehealth services.</li>
<li>Education and Housing Support: Funding for schools and universities to transition to remote learning and support for housing assistance to prevent evictions and foreclosures.</li>
</ol>

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 as a response to the economic fallout from the COVID-19 pandemic. It included several provisions to provide financial relief, including:

 1. Stimulus Payments: Direct financial payments to individuals and families to alleviate economic strain during the pandemic.
 2. Small Business Assistance: Programs like the Paycheck Protection Program (PPP) provided forgivable loans to help small businesses maintain their workforce.
 3. Unemployment Benefits: Extended and expanded unemployment benefits, including those for self-employed workers and gig economy workers.
 4. Healthcare Funding: Allocations to support healthcare facilities and providers, with added funding for telehealth services.
 5. Education and Housing Support: Funding for schools and universities to transition to remote learning and support for housing assistance to prevent evictions and foreclosures.

What is the CARES Act?

What is the Family First Coronavirus Response Act (FFCRA)?

What is the Self-Employed Tax Credit (SETC)?

For which tax years can I claim the SETC?

How is the credit calculated?

What is the maximum SETC refund I can receive?

Is the credit taxable or a loan?

How do I receive my SETC credit?

What happens if I owe back taxes?

Who is eligible for the SETC?

Can I use my 2020 income if it was higher than my 2021 income?

Am I eligible if I was both a W-2 employee and self-employed?

Can my spouse and I both receive the credit if we filed taxes jointly?

Can I count weekends as missed workdays?

What is the Application Process?

What documents do I need?

When is the deadline to apply for the SETC?

Does applying for the SETC credit affect my credit score?

Frequently Asked Questions