Yes. These two options are mutually exclusive. The PPP is a $953-billion business loan program established by the US federal government and implemented by the U.S. Small Business Administration.
Under the recently enacted American Rescue Plan Act, and previously under the Consolidated Appropriates Act, 2021, the ERC is a financial benefit qualified businesses can claim if the global pandemic impacted them. The ERC benefit is available for businesses immediately regardless of PPP participation.