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$330M in SBA loans went to the dead and infants, Musk's DOGE reveals

M in SBA loans went to kids—including a 9-month-old—sparking calls for blockchain to prevent future fraud through better transparency and ID checks.
The article from MSN discusses a report by the Office of Inspector General revealing that approximately $330 million in Small Business Administration (SBA) loans were improperly disbursed during the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. These funds were mistakenly given to ineligible recipients, including deceased individuals and infants, due to inadequate fraud controls. The report highlighted that the SBA's rush to distribute funds quickly during the economic crisis led to these errors. Additionally, the article touches on Elon Musk's involvement with Dogecoin, noting his influence on the cryptocurrency's market through his social media activity, although this part seems less connected to the main theme of SBA loan mismanagement. The SBA has acknowledged the issues and is working on improving its verification processes to prevent such occurrences in the future.

Read the Full TheStreet Article at:
https://www.msn.com/en-us/money/smallbusiness/330m-in-sba-loans-went-to-the-dead-and-infants-musk-s-doge-reveals/ar-AA1BzNua

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