It is ringworm, and it was probably there for a while.
Missy had ringworm. We noticed a while ago, probably 2 months ago, that she kept nibbling at her arm, so we tried checking whats going there, and we noticed a little tiny scab. We brought her to the Vet (old vet) and we couldn't really find it anymore because it was so small, so we gave up on showing him and he just said that it is most likely a part where she likes biting. Give it 3 more weeks, it got bigger and she started losing hair in that area. It started looking crusty and everything and it was definitely a fungal infection. The vet said it goes away by itself, but using a cream well get rid of it quicker. Also, me and my sister caught it after a week or so, so don't touch it, or if you do... wash your hands immediately. Also, wash any blankets sheets that he has been around.... wash your floors and just basically do a big clean up in the house. It's not harmful, but it's definitely contagious and annoying for the little one and yourself!
Hope he heals fast