No more loans to babies or the dead: Elon Musk on SBA Fraud

Elon Musk’s brainchild, the Department of Government Efficiency (DOGE), has implemented a concrete measure to stop the Small Business Administration (SBA) from granting loans to citizens over the age of 120.

On X, DOGE said that the SBA website now requires applicants to provide their date of birth for all direct loan applications. Moreover, the website will not process any applications if the applicant is below 18 years of age or over 120 years old.

The post claimed that this would prevent fraudulent government spending. DOGE wrote, “Basic sanity checks like these are initial steps towards minimizing fraud in government payment programs.”

Elon Musk reshared this post, claiming that it would ensure the SBA does not provide loans to children or to individuals considered too old to be alive. He suggested that stolen Social Security numbers were being used to obtain such loans. Musk stated, “No more loans to babies or people too old to be alive (ie stolen Social Security numbers).”

Elon Musk reshared this update, asserting that it would prevent SBA loans from being issued to minors or individuals who are no longer alive. He suggested that stolen Social Security numbers were being exploited for fraudulent loans.

Why did DOGE put age limit on loans?

Earlier this month, DOGE released SBA data for the year 2020-21, revealing irregularities. According to government records, the SBA granted 3,095 loans worth $333 million to borrowers over the age of 115. DOGE has claimed that one recipient, allegedly 157 years old, received $36,000 loan.

US President Donald Trump has claimed that the Social Security database still considers millions of people to be alive who are way over the age of 100. This has become a focus area for DOGE to cut unnecessary government spending.