Election Protection Act of 2021 This bill establishes certain election security measures and provides grants to states for administering federal elections. First, the bill establishes Election Security Enhancement Units within the Cybersecurity and Infrastructure Security Agency. These units must provide state and local election officials with access to risk management, resiliency, and technical support services provided by election administration and cybersecurity experts. Next, the bill requires a federal entity to promptly share with the Department of Homeland Security (DHS) any information it receives about a security threat to federal elections. DHS must, within 96 hours, review the information and determine whether a security incident occurred. If DHS determines that a security incident occurred, then DHS must notify state and local officials about the incident, with exceptions. The Election Assistance Commission (EAC) must make a grant to each eligible state to administer federal elections. In order to receive such a grant, a state must submit to the EAC certain certifications, including that the state complies with voter registration list maintenance requirements and requires voters to present valid identification. The bill also establishes within the legislative branch the Bipartisan Election Advisory Commission. The commission must study the effects of COVID-19 on the administration and security of elections and the extent of security shortfalls during the 2020 general elections. Further, the commission must report to Congress on recommendations for improving the administration of elections and enhancing the security of elections.