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Introducing the PBFI 100,000, a groundbreaking financial initiative meticulously designed to empower self-employed individuals who have faced unprecedented challenges during the COVID-19 pandemic. This important program is spearheaded by the PEARL Business Financing Institute LLC and is in collaboration with both Gig Worker Solutions and Anchor Accounting, showcasing a united effort to uplift those in need. The PBFI 100,000 aims to alleviate the financial strain experienced by many self-employed professionals and is dedicated to providing essential support and resources to those adversely affected by the significant economic fallout of 2021.

With a strong focus on fostering resilience and sustainability, the PBFI 100,000 strives to equip self-employed individuals with the necessary tools and resources they need to effectively navigate a post-pandemic world. This initiative goes beyond mere financial assistance; it encompasses a comprehensive approach, ensuring that beneficiaries have access to vital support systems and guidance that will empower them to not only survive but to thrive in their respective industries. Through this program, self-employed individuals can gain confidence as they rebuild their businesses and adapt to the new economic landscape.

What is the SETC Tax Credit?

The Self-Employed Tax Credit (SETC) is a targeted tax benefit designed to support self-employed individuals during the unprecedented challenges posed by the COVID-19 pandemic. This credit recognizes the unique hardships faced by self-employed workers, particularly during times of illness, caregiving duties, quarantine, and other circumstances that hinder their ability to work and generate income.

How do we plan to achieve our goal of processing 100,000 claims? 

To accomplish our ambitious target, we actively pursue partnerships with Certified Public Accountants (CPAs). By leveraging the collective reach and expertise of CPAs, we can effectively promote the SETC tax credit to eligible individuals in need of assistance.

What compensation benefits do partners receive?

Our partners are compensated fairly for their contributions, receiving 50% of the fees generated from processing the claims. This partnership model not only encourages collaboration but also empowers us to maximize our impact in assisting self-employed individuals in obtaining the financial support they rightfully deserve.

Self-Employed Status:

Self-employed during 2020 and/or 2021, may qualify for the SETC. This includes sole proprietors operating businesses with employees, 1099 subcontractors, and single-member LLCs. If they filed a "Schedule C" or a Partnership (1065) on your federal tax returns for those years, you’re headed in the right direction.

COVID Impacts:

Whether they faced COVID  themselves, dealt with COVID-like symptoms, were required to quarantine, went for testing, or took care of a family member affected by the virus, the SETC could provide the financial assistance they need. If the closure of their children's school or daycare due to COVID restrictions required them to stay home and disrupted your work, we’re here to support them.

Important Note:

Sub S or True S Corps/C Corps are not eligible for the SETC. This specific tax credit is reserved for business owners who filed a "Schedule C" or a Partnership (1065) on their federal tax returns for 2020 and/or 2021.

When they’re ready to apply, they'll need several tax documents, the qualifying date(s), and two completed documents from Gig Workers.

Detailed information about all these documents is available on your Gig Workers portal.

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