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Trump and Elon Musk's D.O.G.E find $333M in federal loans to 110+ year olds
- The Small Business Administration (SBA) approved 3,095 loans, totaling $333 million, for borrowers listed as 115 years or older in the Social Security database between 2020 and 2021, according to a post on Elon Musk's D.
The article from MSN Money discusses a report by the Small Business Administration (SBA) Office of Inspector General, which revealed that approximately $333 million in federal loans were disbursed to individuals aged 110 or older, an age group that statistically should not exist in significant numbers. This anomaly was part of a broader issue where the SBA's Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs, designed to support businesses during the economic downturn caused by the COVID-19 pandemic, were exploited due to inadequate fraud controls. The report highlighted that these loans were often linked to identity theft, with fraudulent applications using the identities of the elderly or deceased. The SBA has acknowledged these issues and is working on improving its fraud detection systems, although the recovery of these misallocated funds remains challenging.
Read the Full Cryptopolitan Article at:
[ https://www.msn.com/en-us/money/personalfinance/trump-and-elon-musk-s-doge-find-333m-in-federal-loans-to-110-year-olds/ar-AA1Az38h ]
Read the Full Cryptopolitan Article at:
[ https://www.msn.com/en-us/money/personalfinance/trump-and-elon-musk-s-doge-find-333m-in-federal-loans-to-110-year-olds/ar-AA1Az38h ]