The Employee Retention Credit is one of the most significant tax credits available to businesses and nonprofit organizations in years. The ERC is a federal program (part of the CARES Act) designed to reward companies and organizations for retaining employees throughout the pandemic. Employers impacted by COVID-19 can receive up to $26,000 of tax refunds for each employee. Unlike traditional tax credits, this refundable credit is equal to cash. Eligible employers can receive thousands and sometimes millions of dollars in refunds.