DOGE says $312M in loans were given to children during COVID pandemic

DOGE said it identified that the Small Business Administration (SBA) granted nearly 5,600 loans for $312 million to borrowers whose only listed owner was 11 years old or younger at the time of the loan. The loans were issued in 2020 and 2021 – while everyone was distracted by the COVID-19 pandemic – and it is unclear what they were used for. "While it is possible to have business arrangements where this is legal, that is highly unlikely for these 5,593 loans, as they all also used a SSN with the incorrect name," the agency wrote.