If you were self-employed in 2020 and/or 2021, you could potentially qualify for the Self Employment Tax Credit. This includes sole proprietors who run businesses with employees, 1099 subcontractors, and single-member LLCs. Almost anyone with schedule C income qualifies. However, Sub S or True S Corps/C Corps remain exempt from this provision. This refundable tax credit is worth up to $32,220, and individuals receive nearly $10,000 on average.

Anyone who experienced COVID-related disruptions to their business or ability to work could qualify. This includes:

• Illness
• Symptoms
• Quarantine
• Testing
• Caregiving responsibilities
• Being forced to stay at home due to the closure of your child’s school or daycare

SBAM’s approved partner vendor, Occams Advisory, offers a service for SBAM members to help you through the process of applying for and receiving the SETC. There is no cost or commitment to determine your eligibility.  Log in as an SBAM Premium, VIP or Elite member to click through below and start the process to find out if you qualify!