The “Act” provides a refundable income tax credit for sick leave of a self-employed person for qualified Sick Leave. The credit first reduces a self-employed individual’s income tax liability and any balance is refunded.
FAMILIES FIRST CORONAVIRUS RESPONSE ACT – Tax Credit 1 of 4
The Act provides a credit equal to 100% of the “Qualified Sick Leave Wages” paid by an employer.
Small Businesses Eligible for Numerous Relief Programs During COVID-19 Crisis
Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll.