Managed by the Small Business Administration, the PPP was intended to cover payroll, rent and utilities for up to eight weeks, providing loans which convert to grants if recipients retain or rehire their workers. In fact, an entire cottage industry has sprung up surrounding the program, with law firms hosting webinars for struggling businesses looking for guidance on how to gain access to the funds.

And as Bloomberg reports, some hedge funds have already applied - certifying on an official form that their small businesses (with fewer than 500 employees), and that the "current economic uncertainty makes this loan request necessary to support the ongoing operations."

While the rules of the program make clear that banks and insurance companies are ineligible for the small-business loans, it's less clear where hedge funds and proprietary trading shops fall - as the Treasury and Small Business Administration's policies are unfortunately murky.