When the pandemic wreaked havoc all over the world, the consequent economic downturn swelled the unemployment rate in America by more than 14 million. The number rose at an unprecedented rate, beating the two-year Great Recession record. This steep increase in the unemployment rate left the government and the business in the US in limbo. It urged the State to cut short the impact by announcing ERC or Employee Retention Credit under the CARES Act, 2020.
