Elon Musk Supports SBA's Fraud Crackdown on Loans Over Age Limits

Elon Musk has publicly endorsed new verification measures from the Small Business Administration (SBA) aimed at curbing fraud associated with stolen Social Security numbers. The SBA now requires applicants to provide their date of birth and will not process loans for individuals under 18 or over 120 years old, a response to findings that $333 million in loans were issued during 2020-2021 to borrowers over 115 years of age. Musk highlighted this initiative, led by the Department of Government Efficiency (DOGE), as a necessary step to eliminate fraudulent claims, citing a specific case of a 157-year-old receiving a loan. He has previously raised concerns about the accuracy of Social Security records, asserting that millions of deceased individuals are still listed as alive. Critics, including some lawmakers, worry that these measures might undermine the Social Security system. However, the initiative aligns with broader efforts to improve data integrity within federal loan programs.