Preheat the oven to 350 degrees. Use convection bake if you have it.
Lightly grease a quarter sheet pan or line it with parchment paper then set it aside.
Add softened butter, peanut butter, granulated sugar and brown sugar in a large bowl and cream using a hand mixer or a stand mixer fitted with the paddle attachment.
Add the egg, salt, baking soda and baking powder. Mix until combined, then scrape down the bowl.
Add the flour and mix until combined. Scrape down the bowl.
Spread the dough throughout the pan. Use another piece of parchment paper to press it down evenly, if desired. The dough should cover the entire pan.
Place the m&m's and chocolate hearts throughout the dough, lightly pressing them down.
Sprinkle additional granulated sugar and sprinkles throughout the dough as well, if desired.
Bake the cookie bars for 15-20 minutes, or until the edges just begin to brown.
Remove them from the oven and allow the bars to cool to room temperature before cutting and removing them from the pan.