What is FFCRA Tax Credit Refund
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Families First Coronavirus Response Act (FFCRA) provides self-employed Covid sick pay for paid leave from Covid 10. The FFCRA Credits are refundable tax credits that get reimbursed, dollar-for-dollar for the cost of providing paid sick leave and for missing work due to Covid. The FFCRA credits are available to eligible self employed businesses or sole proprietors who filed a 1099 or Schedule C-1040 or Partnership (1065) on your federal tax returns for 2020 and/ or 2021. This is a relief payment from the government for enduring Covid-19.
Covid Relief for Self Employed with No Employees can get FFCRA Credits:
The FFCRA Reimbursement is Not a Loan; You do Not have to Pay it Back!
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In March 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law to help companies offer paid sick leave and unemployment benefits caused by COVID-19. Initially the FFCRA focused on employers with W-2 employees to help them weather the economic impact caused by the pandemic.
In December 2020 Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act which expanded the FFCRA to cover not only employers, but the self-employed. Thanks to the FFCRA expansion self-employed individuals, freelancers, independent contractors, and gig workers are now eligible for tax credits that pay you back for the time you would’ve normally spent earning money that was lost because of COVID.
Questions you may ask about FFCRA - Families First Coronavirus Response Act