The Trump administration declared Friday that hedge funds cannot receive financing from the loan program aimed at encouraging employers not to lay off workers.

The Small Business Administration and Treasury Department said in guidance posted on Friday that hedge funds and private equity firms are “primarily engaged in speculative investments” and are therefore prohibited from applying for funds from the Paycheck Protection Program.

It is not clear if any hedge funds have received funding prior to the new guidance.

The first round of funding was scooped up quickly and many small businesses complained that they had been shut out by businesses with better connections to the banks doing the lending. Congress authorized and the President signed legislation for a new round of funding on Thursday.