In a significant revelation, the Department of Government Efficiency (DOGE) has disclosed that the Small Business Administration (SBA) granted loans amounting to $312 million to borrowers listed as 11 years old or younger during the period of 2020-2021.
According to a recent statement from DOGE, while it is technically possible for minors to engage in legal business activities, the probability of a substantial number of legitimate loans being issued to children is exceedingly low. The situation is further complicated by the discovery that all these loan applications were submitted using Social Security Numbers (SSNs) that did not correspond with the listed names.
DOGE and the SBA are now cooperating to investigate and resolve the issue, with the aim of identifying potential fraud and enhancing verification protocols. This disclosure has raised significant concerns regarding the oversight and approval processes of pandemic-related loan programs such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
Both agencies have pledged to reinforce safeguards to prevent similar occurrences in the future. The investigation remains ongoing, and updates will be provided as DOGE and the SBA work to ensure accountability and safeguard taxpayer funds.
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