Thousands of loans worth $312 million have been granted to children during the Covid-19 pandemic, the government's Department of Efficiency (DOGE) announced on Saturday.
Doge, led by Elon Musk, said he discovered that Small Business Management (SBA) had given “the owners only under the age of 11” a loan of nearly $312 million. The loans were granted in 2020 and 2021.
“It's possible to have business arrangements where this is legal, but these are all using SSNs with the wrong name, so it's rare for these 5,593 loans.”
Doge didn't say what the loans are being used for, but said the agency will work with the SBA “to resolve this issue this week.”
Doge made the announcement on Tuesday along with another post to X. At the time, the agency revealed that SBA issued $3,095 loans for $333 million in 2020 and 2021 for $333 million to borrowers over 115.
“SBA from 2020 to 2021 It issues 3,095 loans, including Paycheck Protection Program (PPP) and EIDL (Economic Injury and Disaster Loans), and is marked as still alive in the Social Security database for $333 million to borrowers over the age of 115. In one case, a 157-year-old individual received a $30,000 loan,” the agency wrote.
Discoveries happen as Doge continues its mission to eradicate federal fraud and wasteful spending.
