penalty percentage of the amount of the contributions by the qualifying worker or participant, as the case may be, that the participating employer fails to deposit due to failure to enroll the qualifying worker or otherwise deposit such funds. The Secretary of the Treasury and the Executive Director shall jointly prescribe regulations under which a participating employer shall be required to pay to the Fund amounts representing lost earnings resulting from errors made by such participating employer in carrying out this section. (2) Applicable penalty percentage The term applicable penalty percentage means— (A) 2 percent if the failure is for not more than 5 days