ECNETNews reports that a new Refund Anticipation Loan has been introduced for the Sick Leave and Family Leave (SLFL) tax credit, also recognized as the Self-Employed Tax Credit (SETC). This initiative aims to provide immediate financial support to self-employed individuals, including gig workers, independent contractors, and sole proprietors, allowing them to access funds without the delays associated with IRS processing.
The SLFL program, created under the Families First Coronavirus Response Act (FFCRA), was designed to assist self-employed individuals impacted by the COVID-19 pandemic. The Refund Anticipation Loan facilitates immediate access to funds, eliminating lengthy IRS wait times and offering this service at no cost to the applicant.
Key advantages of the SLFL Refund Anticipation Loan include:
- Immediate Fund Access – Applicants obtain their proceeds instantly rather than waiting months for IRS disbursement.
- No Credit Check Required – Eligibility is determined solely by qualification for the SLFL tax credit.
- Zero Upfront Fees – The bank covers the tax preparation processing fee from the loan proceeds.
- Compliance and Security – Backed by a federally regulated financial institution, ensuring adherence to IRS and banking regulations.
The SLFL (SETC) tax credit can be directly claimed on IRS Form 7202, offering self-employed individuals a vital financial resource. ECNETNews confirms that the bank has completed thorough due diligence to ensure all applications are compliant with IRS standards, providing a reliable method for self-employed individuals to claim their eligible refunds.
Self-employed individuals often form the backbone of the economy, yet many struggle to access the financial resources available to traditional employees. This new loan initiative aims to fill that gap, offering financial flexibility without the burden of extended government processing times.
Eligible individuals can apply for the SLFL refund anticipation loan through an approved processing entity affiliated with the bank. The application process is completely online, ensuring efficiency and security for prompt fund disbursement.
