The Employee Retention Credit (ERC) is a refundable tax credit designed to encourage employers to keep employees on their payroll during periods of significant disruption or closure due to a qualified disaster. The credit is equal to 70% of qualified wages paid to eligible employees, up to $10,000 per employee per quarter. This translates to a maximum credit of $7,000 per employee per quarter. Eligible wages include those paid for hours not worked due to the disaster, as well as those paid for hours worked during the disaster period. The credit is calculated on a per-employee basis, and the total credit amount is determined by multiplying the percentage of credit (70%) by the total qualified wages paid to each eligible employee.