The Employee Retention Credit (ERC) is part of the CARES Act. It is a fully refundable tax credit that incentivizes employers for retaining staff throughout the COVID-19 pandemic by providing specific tax relief.
Businesses can claim up to $5,000 in refundable tax credits for each employee on their payroll in 2020 and up to a $7,000 credit per quarter (excluding Q4) for each employee in 2021.