Fact Check: Did Joe Biden's administration dole out $93B in last-minute energy loans?

WASHINGTON, DC: Former president Joe Biden did not have a memorable last few days before his tenure as the POTUS came to an end this January. 

After he passed the baton to Donald Trump, Biden faced criticism in March 2025 as a bombshell report claimed he signed most of the official documents in his presidency using autopens. 

Now, recently, a post surfaced online claiming that Joe Biden gave out $93 billion in last-minute energy loans before the start of the second Trump administration. But is there any truth to this? Let us find out below.

Claim: Biden administration doled out $93B in last-minute energy loans

In June 2025, a post claiming that Joe Biden gave out $93 billion in last-minute energy loans via the Department of Energy's Loan Programs Office (LPO) before the start of the second Trump administration has been doing the rounds on social media.

A Facebook user wrote, "Well, I see Biden gave away $93 BILLION of our money in his last 76 days in office. He should be prosecuted! I have known since 1972 that he was sorry, low-down and good for nothing. He is part of the reason I no longer am a Democrat."

Similarly, an X user also claimed the same and wrote, "Biden spent $93 billion dollars in 65 days on ….. nobody knows what. What was that cost to American people? He could have housed every veteran in the United States. . Your freedom and security is what it costs."

Moreover, a YouTube user posted a video with the title "$93 BILLION in 76 Days! Sen. Kennedy EXPLODES Over Biden’s Last-Minute Energy Loans."

The claim circulated after US Secretary of Energy Christopher Wright testified at the Senate Appropriations Committee on May 21, 2025.

False: No evidence that LPO approved loans worth $93B

The claims made in the online posts are false, as there is no evidence to prove that the Department of Energy's LPO approved loans worth exactly $93 billion between November 5, 2024, and January 20, 2025, according to fact-checking outlet Snopes.

Meanwhile, as per the LPO's public news releases, the office announced loan guarantees or conditional commitments worth around $68 billion during this period. 

Furthermore, new loans issued by the LPO during that period totaled around $77 billion, according to usaspending.gov, an open data source of federal spending information.

The LPO said in its 2024 year-in-review on January 17, 2025, that it had announced "53 deals totaling approximately $107.57 billion" during the entire Biden-Harris administration from January 2021 to January 2025.

None of these figures corresponded exactly to Wright's claim, but the LPO awarded 27 of the 53 loans on or after November 5, 2024, according to usaspending.gov.

Christopher Wright said Joe Biden lent $93B to companies through the Department of Energy's LPO

Christopher Wright first made the claim during an interview with Blaze Media's Glenn Beck in early May. He later repeated the claim in an appearance on Fox Business and while testifying at the Senate Appropriations Committee on May 21, 2025.

Wright said during the May 21 hearing, "The Loan Programs Office is a key tool. We do need to make sure we have funding available in the Loan Programs Office because, used judiciously, it's a way to leverage private capital to make things happen fast."

"If your equity investors behind that debt are the six hyperscalers in the United States, they're great credit, the American taxpayers are going to be paid back. Alternatively, in the last administration — the Loan Programs Office in its 15-year history lent $43 billion," he added.

He further claimed, "In the 76 days since Election Day to Inauguration Day of the new President, the previous administration lent or committed $93 billion — two and a half times the 15-year total."