DOGE: The U.S. gave $300 million in loans to children under 11 during the COVID-19 pandemic

The Small Business Administration issued 5,593 loans amounting to $312 million to borrowers whose only named owners were 11 years old or younger when the loans were originated in 2020-2021, the department stated in a message on its official X social media platform.

The department highlights that although there could be business deals where this age of borrowers is feasible, there are concerns that not all 5,500 transactions fit this description.

Furthermore, a number of borrowers submitted Social Security numbers under incorrect names. The release mentions that the department is collaborating with the Small Business Administration (SBA) to tackle the issue.

source: cnn.com