SETC Tax Credit
Financial relief may be available to you!
If you had to miss work due to COVID-19 in 2020 and 2021, you might qualify to receive up to $32,200 through the SETC, a federal government program. Click below to get started on an application through our trusted partners, Horizon Funding and Quantifi Tax.
ACT FAST – The application deadline for the 2020 period is: April 15, 2024.
Drivers are encouraged to watch this presentation by our partners to learn more about the SETC and how to complete the intake form.
How to Apply
The IDG partnered with Horizon Funding and Quantifi Tax, so drivers can receive discounted one-on-one assistance with the SETC application process.
Horizon Funding and Quantifi Tax are offering drivers discounted rates to help with preparing and submitting their SETC application. While there is no cost to apply for this tax credit directly with the IRS, you may prefer to enlist the assistance of a tax professional.
What to Know About the Self Employed Tax Credit
The Self Employed Tax Credit is a federal government program designed to help alleviate the financial burden on qualified self-employed individuals who had to miss work due to qualifying COVID-19 circumstances.
- If you had to take qualifying sick or family leave between April 1, 2020 and April 30, 2021 due to Covid-19, you – depending on your net income – might qualify for a Self-Employed Tax Credit amount of up to $32,200.
- Sick and family leave can include, but is not limited to, needing to take time off work due to:
- A COVID-19 diagnosis
- COVID-19 vaccine recovery
- Caring for a family member sick with COVID-19, or
- A school or government shutdown.
- SETC is a tax credit program. It is not a loan (does not need to be repaid) and is not taxable.
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How much will it cost?
If you proceed with the application process and are found eligible through Horizon and Quantifi, you will only need to pay a one-time, discounted $150 processing fee, with 16% of the credit once you receive the amount.*
*We have worked with Horizon Funding before to help drivers apply for PPP loans, and are excited to work with them again for the SETC. Remember! Completed applications are due by April 15, 2024! If you choose to go through our partners, you will be pre-screened to see if you might qualify.
How to get started
- To begin, please navigate to this intake form.
- You will answer basic questions, such as how you were affected by COVID, and how many days you missed due to the pandemic.
- Allow up to 2 business days for processing – you will then be contacted by a Quantifi Tax representative to discuss your eligibility
- If you qualify, you will be asked to digitally sign an agreement, and pay the one-time $150 processing fee
- It will take Quantifi 3-5 business days to complete and submit your SETC application
- If approved, it may take up to 190 days from the day you submitted your application to receive a check
- You can then pay 16% of the amount received to Quantifi via credit card or ACH
To complete the intake form, you will need to:
- Note any days you were not working due to COVID or COVID-related circumstances between April 1, 2020 and September 30, 2021.
- Pull your unemployment records from the same period, including any unemployment benefits received
- Pull your 2019, 2020, and 2021 tax returns; and any W-2s for jobs worked outside of driving
About the competitive rate
As always, there is no obligation to go through our partners. However, please note that this rate is competitive. Other groups typically charge higher rates – up to a $400 processing fee and 20% of credit received.
If you have questions about this service or your application:
The IDG team will be helping drivers relay their questions to the Horizon Funding and Quantifi’s team. Please email help@driversguild.org and you will receive a response within 2 Business days.
*Note: The SETC is not a loan (does not need to be repaid) and is not taxable.
