SBA Loans to Elderly Scam Victims
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Social Security databaseCryptopolitan
•US Politics
US Politics
Trump and Elon Musk’s D.O.G.E find $333M in federal loans to 110+ year olds
72% Informative
SBA approved 3,095 loans, totaling $333 million , for borrowers listed as 115 years or older in the Social Security database.
SBA granted 5,593 loans, worth $312 million , to businesses owned by children aged 11 or younger.
Each loan application used a Social Security number that did not match the name on file.
SSA is reinstating full benefit cuts for seniors who were previously overpaid.
More than 10% of the Social Security workforce faces layoffs, and dozens of SSA offices could be shut down nationwide.
The administration claims these cuts are necessary to reduce waste and fraud.
Critics argue that eliminating staff makes it harder to detect errors, the same kind that led to $333 million in fraudulent loans.
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