The Department of Government Efficiency (DOGE) announced another round of contract terminations late Saturday, revealing additional instances of financial mismanagement within the federal government.
As part of its ongoing investigation into waste, fraud, and corruption, the agency—led by Elon Musk—also uncovered that over $300 million in loans were granted to individuals listed as children at the time of application.
According to DOGE, the Small Business Administration (SBA) approved approximately 5,600 loans totaling $312 million in 2020 and 2021 to applicants whose sole listed owners were 11 years old or younger.
DOGE uncovered $312 million in loans to borrowers who are 11-years-old or younger.
Who cashed the checks in the name of these children⁉️
— Libs of TikTok (@libsoftiktok) March 9, 2025
Elon Musk Called This Financial News ‘Terrifying’
These loans, issued during the COVID-19 pandemic, remain unaccounted for, and the agency has not determined their intended use.
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“While it is possible to have business arrangements where this is legal, that is highly unlikely for these 5,593 loans, as they all also used an SSN with the incorrect name,” DOGE stated.
The agency added, “@DOGE and @SBAgov are working together to solve this problem this week.”
In 2020-2021, SBA granted 5,593 loans for $312M to borrowers whose only listed owner was 11 years old or younger at the time of the loan. While it is possible to have business arrangements where this is legal, that is highly unlikely for these 5,593 loans, as they all also used… https://t.co/PHCd4l7qFs
— Department of Government Efficiency (@DOGE) March 9, 2025
DOGE’s announcement follows a previous disclosure on Tuesday, in which the agency revealed that in 2020 and 2021, the SBA issued 3,095 loans worth $333 million to individuals listed as being over 115 years old.
In 2020-2021, @SBAgov issued 3,095 loans, including PPP (Paycheck Protection Program) and EIDL (Economic Injury Disaster Loan), for $333M to borrowers over 115 years old who were still marked as alive in the Social Security database.
In one case, a 157 years old individual… https://t.co/5NnCgin5Li
— Department of Government Efficiency (@DOGE) March 4, 2025
According to the agency, these borrowers were still marked as alive in the Social Security database. In one case, a 157-year-old recipient was approved for $36,000 in loans.
The funds in question include Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) payments.
The issue of fraudulent Social Security listings was also addressed by President Donald Trump during his speech to Congress on Tuesday.
He criticized cases in which millions of individuals listed as over 100 years old remained active in the Social Security system, with some recorded as being centuries old.
“I know some people who are rather elderly but not quite that elderly,” Trump said.
“3.47 million people from ages 120 to 129. 3.9 million people from ages 130 to 139. 3.5 million people from ages 140 to 149. And money is being paid to many of them, and we are searching right now.”
Trump: Millions of Social Security Payments Going to People Over 120 Years Old!
– Ages 120-129: 3.47 million
– Ages 130-139: 3.94 million
– Ages 140-149: 3.54 million
– Ages 150-159: 1.35 million pic.twitter.com/mVd4n4T2kf— Libs of TikTok (@libsoftiktok) February 18, 2025
In addition to loan fraud investigations, DOGE has also been scrutinizing federal contracts.
The agency announced the cancellation of a Department of Agriculture contract valued at $10.3 million, which was originally intended for “identifying unnecessary contracts.” DOGE described the situation as “ironic.”
— Elon Musk (@elonmusk) March 9, 2025
This contract termination is one of 162 deemed nonessential by DOGE, with a total ceiling value of $205 million and expected savings of $90 million.
The agency has not yet disclosed the specific areas of government affected by the remaining contract cancellations.
Meanwhile, Musk met with a select group of House Republicans on Wednesday evening to discuss federal spending reductions.
Sources familiar with the discussion told Fox News Digital that the conversation focused on identifying up to $1 trillion in government waste.
“The executive DOGE team is confident, they think they can get $1 trillion,” one lawmaker familiar with the meeting said.
“Now, we’ll see, right? And the thing is, he acknowledged that we’re going to make mistakes, but we’re going to correct them very quickly.”
DOGE continues its efforts to identify and eliminate financial mismanagement, with further contract reviews and fraud investigations expected in the coming weeks.
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