$312M of COVID-era SBA Loans Went to Children-Owned Businesses?

According to the Department of Government Efficiency, the SBA funded 5,593 loans for $312M to businesses during 2020-2021 where the only listed owner was 11 years-old or younger.

“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 an SSN with the incorrect name,” the Department states.

As previously reported, $333M was also funded to business owners older than 115 years-old. That extreme shenanigans took place during the covid era, particularly with respect to PPP and EIDL, is not new information. What DOGE is revealing, however, is that some fraud should have been detected at the time.

COVID-EIDL chargeoffs had already exceeded $70B by end of FY 2024.