DOGE Uncovers $312 Million in Loans Granted to Minors During COVID-19 Crisis

The Department of Government Efficiency, known as DOGE, revealed significant findings regarding federal loans late Saturday afternoon. The agency announced it has discovered thousands of cases where over $300 million in loans were issued to children under the age of 12.

This announcement comes as the agency, led by Elon Musk, intensifies its efforts to eliminate waste, fraud, and corruption within government operations. DOGE’s recent evaluations indicate the Small Business Administration, or SBA, disbursed nearly 5,600 loans totaling $312 million to individuals whose sole recorded owner was 11 years old or younger at the time the loans were granted. These loans were distributed amidst the upheaval caused by the COVID-19 pandemic in 2020 and 2021, yet the purpose for which they were used remains unclear.

Concerning Discoveries

According to DOGE, while it may be theoretically possible to have legitimate business arrangements involving minors, the circumstances surrounding these specific loans appear dubious. The agency noted that all identified cases included social security numbers linked to incorrect names.

The agency’s post on X emphasizes that both DOGE and the SBA are collaborating to investigate and resolve these troubling inconsistencies. This partnership aims to ensure accountability and transparency in federal loan distributions.

Additional Loan Anomalies

In conjunction with this announcement, DOGE highlighted earlier revelations regarding loans issued to various individuals, including those considerably over the age of 100. Specifically, the SBA reportedly granted 3,095 loans amounting to $333 million to borrowers listed as being over 115 years old, all of whom remain classified as alive in the Social Security database. Alarmingly, one recipient, allegedly 157 years old, received a loan of $36,000.

Presidential Acknowledgment

These revelations caught the attention of former President Donald Trump. During a recent address to Congress, he criticized the existence of individuals aged over 100 in the Social Security system, highlighting absurd cases including someone supposedly 360 years old. Trump asserted that millions, aged between 120 and 149, are receiving federal assistance, stressing that the government must take measures to rectify such discrepancies.

Efforts to Eliminate Waste

Meanwhile, DOGE is not limited to loan investigations. The department also announced it has terminated a contract with the Department of Agriculture worth $10.3 million, which it characterized as ironically pointless, given that it was initially intended to identify unnecessary contracts within the federal system.

Overall, the cost-saving agency has canceled 162 nonessential contracts, resulting in a total value ceiling of $205 million, generating savings amounting to $90 million. However, DOGE has not disclosed the specifics regarding the remaining contract terminations across federal agencies.

Musk’s Vision for Government Oversight

In a related development, Elon Musk discussed the broader initiative with a select group of House Republicans, emphasizing the search for potentially up to $1 trillion in government waste. Individuals familiar with this confidential meeting disclosed that the executive team at DOGE remains optimistic about their ability to identify substantial savings. One lawmaker shared that Musk acknowledged the inevitability of errors but asserted a commitment to rectify them swiftly.

Looking Ahead

The DOGE agency’s ongoing investigations underscore a growing trend towards heightened scrutiny over federal expenditures and loan distributions, especially in light of the pandemic’s economic repercussions. As the agency works diligently to uncover discrepancies, it sets a precedent for rigorous government accountability. Stakeholders will be watching closely to see how these findings will influence future policies and prevent misuse of federal resources.

In conclusion, the revelations about loans granted to children and the elderly illustrate significant flaws in federal lending practices during a period of unprecedented crisis. Success in addressing these discrepancies will require concerted efforts from multiple government entities to ensure that taxpayer dollars are used effectively and responsibly.

This report draws on contributions from Fox News’ Elizabeth Elkind.