Millions of hard working Americans were devastated by COVID-19 in 2020 and 2021. Now you -- Self employed/Independent contractors -- can claim badly needed relief compensation, just as salon owners have been receiving over the past year. Every one of you can get up to $32,220 under the Families First Coronavirus Response Act. These are funds meant to compensate you for lost days of work due to lockdowns, illness, self or medically-imposed quarantines, and even school closures that kept you home with your children. And unlike other programs like PPP, these tax credits don’t have to be paid back or forgiven and can be spent any way you want!
There are just a few quick and easy steps to claim the money you are legally entitled to —so let’s get started
“Family” is in the name of the law, so it’s self-employed pro’s with dependents who will receive the most from this program. But even those who didn’t have dependents during COVID can qualify for personal sick leave compensation. This tax credit(which we refer to as SETC) was designed to help you recoup losses from COVID-related lockdowns, quarantines, and school closures
Under the Families First Coronavirus Response Act (FFCRA), if you are a self-employed person including those who receive a 1099, and if you were not able to work due to reasons related to Coronavirus, you are eligible to receive Sick Leave and Family Leave credits. This is your chance to get paid for the days you were sick, quarantined or even effected by Corona. If a child’s school was closed or you cared for another person, you are also eligible for these relief funds.The Families First Coronavirus Response Act (FFCRA) is a groundbreaking legislation that provides much-needed relief to self-employed individuals and small businesses during the COVID-19 pandemic. By understanding the key provisions of the FFCRA and how they apply to your specific situation, the PBF will help you maximize your legally entitled share of this little known provision of federal law.
YES!!! But don’t take our word. Go directly to the IRS page to read more about this program. But be forewarned: their information is rather convoluted, written for tax attorneys and accountants, not the general public. That’s why we stepped in to make this complicated program simple and accessible to you. Here is their LINK with further information: https://www.irs.gov/newsroom/tax-credits-for-paid-leave-under-the-american-rescue-plan-act-of-2021-specific-provisions-related-to-self-employed-individuals
Any 1099 independent contractor, booth/suite renter, and self-employed individual may be qualified to receive FFCRA funds. To qualify, you must have filed a Schedule SE as part of your 2020 and/or 2021 1040 Tax Returns, which reports your self-employed income.
No. This is not a loan. These funds have been allocated to the FFCRA program by the federal government and will not need to be paid back.
No. FFCRA provides money for Self-Employed/Independent Contractors to be used without restrictions.
There is a 20% fee that is collected when you get your Tax Credit.