No I don?t think so ;say once an employer that applied for a PPP loan, received payment, and repays the loan by May 18, 2020 (originallyMay 7, 2020, as provided by the Limited Safe Harbor With Respect to Certification Concerning Need for PPP Loan Request in the Interim Final Rules issued by the SBA effective on Apr 28, 2020, but extended on May 5, 2020 and May 13, 2020, respectively), will be treated as though the employer had not received a covered loan under the PPP for purposes of the ERC. Therefore, the employer will be eligible for the credit aslongas the employer is otherwise an Eligible Employer satisfying all the requirements.