Please give this a try for your Premiere Elements 12/12.1.
You have project X opened.
Go to File Menu/New/Project. Click Yes to "Save Changes to my new (project name) before closing".
And, follow the details for the save process that follows.
In the new project dialog that opens after the former project's save, click OK.
You should be left facing a new project which you can minimize if wanted.
Read the dialogs carefully along the way so that you do not accidentally overwrite another project. We can go into
step by step if necessary.
Please let us know the outcome.
ATR, This works fine. Thanks.
Thanks for the follow up message that suggestion worked for you.
Great job on follow through.