FFCRA BENEFITS
Families First Corona Virus Response Act (FFCRA) Benefits
We have helped hundreds of business owners receive FFCRA, ERC, PPP & EIDL Pandemic Benefits over the last 4+ years. 1099 workers, independent contractors, and business owners can still qualify for $32,000 in cash free tax funds. That means it also includes sole proprietors, consultants, freelancers, 1099, gig workers
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was enacted in March 2020 and created a refundable tax credit for individuals. Under the FFCRA, eligible self-employed individuals or independent contractors could claim a refundable tax credit against their income tax liability for up to 100% of the qualified sick and family leave equivalent amounts, subject to certain limitations, if they were unable to work or telework due to COVID-19-related reasons.
We are committed to providing exceptional service and guidance in the areas of Families First Coronavirus Response Act, pandemic benefits, CARES Act compliance, business tax returns, and federal grants. Trust our expertise to help you navigate the complexities of business tax credits and secure the financial support your business needs to thrive.
What Is FFCRA?
On March 18, 2020, the President signed HR 6201, the Families First Coronavirus Response Act (Act or FFCRA) into law. Since then, the Department of Labor (DOL) has issued, and reissued, guidance on multiple occasions, sometimes even changing previous advice. Families First Corona Virus Response Act (FFCRA) Tax Credit Program can help you claim up to $32000/ depending upon net earnings of 2020 and 2021. The IRS determines the FFCRA Credit depending on the daily average income and the amount of self-employment work missed due to COVID-19- related issues.
The FFCRA provides that Eligible Employers providing leave under the EPSLA and the Expanded FMLA are entitled to fully refundable tax credits to cover the cost of the leave paid for these periods of time during which employees are unable to work (which for purposes of these rules, includes telework).
What Is SETC?
In response to the economic impact of the COVID-19 pandemic, the Families First Coronavirus Response Act (SETC) was signed into law by President Trump in March 2020. Initially targeted at employers with W-2 employees, the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the Supplementary Earning Tax Credit (SETC) to include freelancers, independent contractors, and gig workers.
The SETC provides federal legislation offering paid sick leave, COVID-19 testing, food assistance, and unemployment benefits. Employers receive health insurance protection for employees, while self-employed individuals can claim tax credits on their income tax returns for COVID-19-related sick leave.
Who Qualifies?
Sole proprietors, consultants, freelancers, 1099, gig workers.
Eligibility depends on fully utilizing previous credits and meeting specific income criteria for the years 2020-2021.
Any 1099 Employee that filed 2020 to 2021 taxes.
