ERC and 60% payroll under ppp

My client who received a PPP loan has enough payroll during the covered period to receive full forgiveness. All of the payroll would also be qualified wages for the ERC . My understanding is that the priority goes to the ERC. However under Section 206(c)(2), section 2301(g)(1) of the revised bill a taxpayer can elect to not include certain wages in the ERC therefore preserving them for PPP loan forgiveness . Can a taxpayer elect a % to exclude from ERC ? My client would have enough expenses to include 60% of payroll plus additional allowable cost and receive full PPP loan forgiveness. Could the remaining 40% be used for ERC? Does the election to include wages in PPP loan forgiveness rather than ERC mean any qualified wages are no longer eligible for ERC even if they were not included in PPP forgiveness?

My understanding is that you can allocate the wages between the PPP forgiveness and the ERC in any way that you choose. You just cannot use the same wages for both programs.

According to a Tony Nitti article, Section 206(c) of the revised bill established an ordering rule for payroll cost to be forgiven under PPP loan or used for ERC with the priority going to the ERC. Section 206(c)(2) Section 2301(g)(1) allows a taxpayer to opt out of this ordering rule.

I had a webinar postponed today because the IRS still has not issued any guidance regarding "retro ERC".
Is there clarification of a terminated employee's wages? In other words, if an employee is terminated during ERC qualifying time period, does the employee's non-severance wages count towards ERC?
Are shareholders and spouses wages count towards ERC? I think it has been determined that those wages do count for ERC.
Are tips paid by customers count towards ERC? I think it has been determined that those wages do count for ERC.
Are wages prioritized to ERC over PPP and thus have to file amended PPP loan forgiveness application?
If wages are ERC priority, how do you elect to make those wages PPP priority after PPP forgiveness has been applied for?
If wages are not ERC priority, can you allocate wages paid during the PPP 24 week covered period as needed to max out ERC?
After all of the above has been determined, do we file specific quarterly Form 941-X's or take all of the 2020 ERC in the 4th quarter 941?
Is there a time deadline for filing Form 941-X's?
I don't think that there hasn't been much official guidance on these issues. I have 6 4th quarter Form 941's on hold and I am running out of time. No wonder I can't sleep. I will eventually have to proceed at my own peril.

AICPA had an example(Ithink they were talking more for PPP2 if you had not had loan forgiven and had the 40% good expenses. That is what they said to turn in to get your forgiveness, then 60% not 100% of wages are an offset. I would like to hear more on ordering. Banks on small guys just turned in Payroll. Now I find out that may cost some ERC credit because of the full 100% payroll is deducted for 2020.