A sweeping investigation by the Department of Government Efficiency (DOGE) has revealed that over 5,500 loans, totaling $312 million, were approved for borrowers who were 11 years old or younger at the time. The fraudulent payouts, issued during the COVID pandemic in 2020 and 2021, are the latest example of waste and mismanagement under the previous administration.

DOGE, which is leading efforts to eliminate fraud and unnecessary spending in the federal government, disclosed that these loans were granted by the Small Business Administration (SBA). The agency confirmed that every one of the 5,593 loans in question used a Social Security number that did not match the name on record, making it highly unlikely that these funds were legitimately obtained.

In addition to loans granted to children, DOGE uncovered another case of egregious fraud — loans totaling $333 million were issued to 3,095 borrowers listed as being over 115 years old. One individual, who was officially recorded as 157 years old, received a $36,000 loan.

The revelations came as DOGE, led by Elon Musk, ramped up its investigations into fraudulent government spending. In his address to Congress, President Donald Trump condemned the staggering amount of financial mismanagement, pointing to Social Security records listing millions of supposed centenarians, some allegedly as old as 360 years.

The agency has pledged to work with the SBA to address the fraudulent loans, stating, “@DOGE and @SBAgov are working together to solve this problem this week.” Meanwhile, Musk met with House Republicans to discuss an effort to uncover up to $1 trillion in government waste.