Media Encoder not working - Catalina 10.15.4

Hello!

Is anyone else experiencing this issue?

Basically, it does not work anymore. If I send to Encoder from Premiere or AE, it fails to open and comes up with the error message:

"Adobe Media Encoder has encountered an unexpected error and cannot continue."

If it does open, it just hangs and stays still. This can be 5 seconds in up to 40 seconds in.

Does anyone know a fix?

I am running a Macbook Pro 16” with 2.4GHz 8-core Intel Core i9 processor, Turbo Boost up to 5.0GHz, 64GB 2666MHz DDR4 memory, AMD Radeon Pro 5500M with 8GB of GDDR6 memory and 1TB SSD storage