The SETC is federal legislation passed in response to the COVID-19 pandemic.Unlike the ERC, it is not taxable.
For self-employed individuals, it offers equivalent coverage via tax credits that can be claimed on your income tax return, effectively reimbursing you for periods of sick leave due to COVID-19.
Identity Definition Must be a self-employed professional, including but not limited to sole proprietors, independent contractors, temporary workers, and single-member limited liability companies taxed as sole proprietorships. (You reported self-employed income under Schedule C.)
Income Definition Had positive income and paid Self-employment tax in any one of the years 2019, 2020, or 2021.
Based on the statute of limitation, the opportunity to amend for the purpose of seeking the refundable credit on the 2020 tax return for Self-Employed Tax Credit (SETC) that occurred between April 1, 2020, and Dec. 31, 2020, expires April 15, 2024, for returns filed by the due date.
For Self-Employed Tax Credit (SETC) that occurred between Jan. 1, 2021, and Sept. 30, 2021, an amendment to claim the credit is eligible to be filed up to April 18, 2025. 
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