Canon Company Milestone Takes $1+ Million PPP Money

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JH
Joey Walter and John Honovich
•Published Jul 16, 2020 19:01 PM

Milestone, a Canon company, took $1 million+ in PPP loans, despite being part of a $30+ billion conglomerate.

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However, Milestone told IPVM that they did qualify under the terms of the PPP when they applied in April and under its interpretation of the affiliation rules.

Inside this note, we examine Milestone's decision, their explanation, and the debate over who should take this funding.

This is part of IPVM's coverage of 50+ security industry companies that have taken PPP funding.

$1 *******+ *******

********* **** ***** ** ******* $*-* *******, ********* ** ** ********** ******* earlier ******** *** * ****** ****** provided ** ********** ******** *** *******.

Owned ** *****

*****, *********** ****** (****: ***)*********** ****$**.* ******* **** ********** ~***,*** *********, **** *********, ************** *** ******* ** **** ****.

Explanation **** *********

********* ******* *** **** ************ *** them **********: (*) **** ******* ** April **** ******* ********* *** *** count ******* *** *** ******** ***** and **** (*) ********* ******* (***) is ******** ***** ** ********* ******* AS *** **** **** ****** ********* was *** *** **** ****** *** determining ***********, *** *** ******** ********* by *****.

** *** ******** *****, *** ** government********* *** ******:

*** **** *** **** *** ******** that ******* *** * *** **** prior ** *** *, **** ** be ********** ***** ** *** ********'* exclusion ** ***-*.* ********* **** *** borrower's *********** ** *** ******** ********* if *** ******** (******** **** *** affiliates) [*]*** ** **** **** *** ********* whose ********* ***** ** ********* ** in *** ****** ******.

********* *****'* **** ****** *********** ***** ******** ***** ** ~*** exceeds *** "*** ********" ******** ***** by *** ***:

  • ******* **. ** ****-**** *********: ***
  • ****** ** ********* ** ****-***: ***

*******, ********* ******* ** ***** *** their *** ******* *** ******** ** May *, ****, ****** *** ****** to ******* **** ******* ********* ******* for *** ***** ******** **************, **** Milestone ******* ****:

*** ************* ********* ******** ****** **** excluded ** *** *********** *********** ********* the ********** ********** ** *** **** Milestone ******* *** **** *** ***********.

** *********,*** *** ******* ************** *** ** ************ *** ***********:

******** *** ******** *** ********** ** each ***** **** *** ******** ** has *** ***** ** ******* *** other, ** * ***** ***** ** parties ******** ** *** *** ***** to ******* ****....

(*) *********** ***** ** *********. *** determining *********** ***** ** ****** *********, a ******* ** ** ********* ** an **********, *******, ** ****** **** owns ** *** *** ***** ** control **** **** ** ******* ** the *******'* ****** ******

*******, *********'* ************** ** **** *** entity **** **** ********* *** ** Milestone ******* **, ***** *** **** than *** ** *********, ******* ********** it ***** *** ***-*** *** *****, as *** ******* ****:

********* ******* ***. ********* ******* ***** inc. ***’* ********** ** ********* ** Milestone ******* ***. ***** **** *** interpretation ** *** *********** ********** ****.

*******, ********* ******* *** ** ***** by ********* ******* **.

********* **** *** ******* **** ** is ********** ***** ** ***** (*.*., Milestone *** ** ***** ** ********* Systems ** *** ********* ******* ** is ***** ** ********* ******* ***** and ********* ******* ***** ** ***** by *****, ***.) *** ***** ************** of *** *** ***** ** **** does *** *****.

******

** ****** **** ** ** *******. One, ** *** ** ** ******* the ******, ** *** *** ******, of *** ***. *** ***** ********* was ** ******* ** ***** **********, not ********* ** *****-******** *************. **** if *** ******* **** ******** ****** the ******* ******** ***** *** *******, the ************** **** ********* **** ****** 1 ***** ** ** *********. **********, that ** ** ** *** ** government ** ****** *** ******** *** if *********** *** ** ******* ****** by ****** ************ ********* ********, ** is *********** * ********.

********* *** ********** **** **** **** well **** *** **** ** ******* its ** ********'* ****. ***** ** do *** ***** ***** **********, ** question *** ***** *** *** *************** of ***** *** *** ******* ** their ****** ***** ** **** *********.

******:

*********'* **** ****** *** ******* *** net ***** ******* ******* ******* *** SBA's ***. *****, ** ******** ** the ***** ****** *****.

******'* *** *** ****** ********** ** $5 ******* ******* *** ******:

(*) *** ******* *** ****** ***** Federal ****** ***** (********* *** *****-**** losses) ** *** ******** *** *** two **** ****** ***** ****** *** date ** *** *********** ** *** more **** $* *******.

*******,*********'* **** ****** ************ ******** ** *,***,*** *** (~$*** million) *** *** ****** ***** $** million:

IPVM Image

*** *** **** ****** ********** ** a "******** *** *****" ** $** million:

(*) ******* ******** *** ***** ** the ******** ** *** **** **** $15 *******.

*******, ******* ******* *********** ***** ****** ** *.** ******* DKK (~$*** *******):

IPVM Image

********* *** *** ******* ** ****, and ** ** **** **** ** we **** *** ***** ********.

Update *:

********* *********, ****** *** "***** ******** concern" ************** *******, ** **** ******* under *** ***-*** *** *****, *** thus ********* ******* (***)'* ****** ********* by ********* ******* ** *** *** one **** ****** *** *********** ***********, not *** ******** ********* ** *****.

**** *** **** ***** ********* ***., the ** **** **************, ** ******* to ***** ************* ******* ** *** worth, *** *****:

******, ** ** **** ***** *** Small ******** ******* ***********, * ***** apply *** ******* *** ********* ******* Inc, **** ** ****** **** ** our ** ***** ** ** ******* for *** **** ***** ***. *** financials *** ** **** ****** *** limits *****. *** ********** *** *** small ******** ******* *** *** ***** it ****** ************ ********* ***********.

Vote / ****

Comments (19)
JL
Jeff Longmire
•Jul 16, 2020

*****

(2)
(2)
U
Undisclosed #1
•Jul 16, 2020

**'* * ****. ********, *'* *** sure **** *** ***** ** ****.

(1)
(12)
(1)
JH
John Honovich
•Jul 16, 2020
IPVM
In reply to Undisclosed #1

*** ********* *** ********* ******** ********* the*** ** *** ** ** ** forgiven, *.*., *** **** ***** **** the **********. ****'* *** ***** ** such * ******* ******. ****, ** it *** **** * ****, ********* does *** **** ****, **** **** plenty ** ********* *******.

(14)
JL
Jeff Longmire
•Jul 16, 2020
In reply to Undisclosed #1

*** * **** ** **** ***'* meet *** ******** ******** ** **** it ********. ** **** **, **** it ***** **** * *****. ******* they *** *** ******** ** *****, when **** ******* ** **********, ** my *******, **** **** **** **** have **** **** *** *********, *** they **** ******, *** *******, ** raise ******* **** **** ***** ********** don't ****. **** ****** ********* ***** and ******* ***** ** ***** ********, every ****** **** ******** ******'* ** given ** * *** *** *** or **** ****** ********. * **** that ***, ** ** ******* ** ANY ****** ******** **** ***** ************ raise ******* ** ***** *****. ***** was * ****** ****** ** ***** to ** ****** ***** **, *** it *** *** *******, ******* * lot ** ********** **********.

(7)
(2)
(1)
(2)
UI
Undisclosed Integrator #6
•Jul 20, 2020
In reply to Undisclosed #1

*** **** * "****" ** *** don't *** ** ** **** *******. Its ** ******* *** ***** ********** team ** **** ** ****, ** THE *****, **** ** **** ******* so **** ***'* **** ** *** it **** ***** ***** ** *** a ****.

(1)
U
Undisclosed #2
•Jul 16, 2020

***** **** ** * ************ ****** mean *** *** *** ***** **** it. ** ** *******'* **** *** example, **** ********** ** *********** *** expected ** ******* ****** *** *** rely ** *** **** ****** ** pump *** **** *****.

**** ******* * **** * **** grandfather ****** **** *'* **** ***, I'm ******** ** ** ** *********** responsible *****, *** * ***** **** baby...

** ********, ***** ** *** *** money **** ** ********** *** ***** concern, * ***** **** *** ******* idle ****** **** ********* *** ** their ****.

(5)
(5)
(3)
(1)
CH
Conor Healy
•Jul 16, 2020
IPVMU Certified
In reply to Undisclosed #2

**** ******* **** ***** ** ************ retain ********* ****** ** ***** *************. If ** ************ ***** **, * would ****** **** *** *****.

(8)
(5)
U
Undisclosed #2
•Jul 16, 2020
In reply to Conor Healy

*** *** **** *** ***** **** you **** *** ****.

** ******* ** **** **** **** your **** ***** ** *** *** says :"******* ** ** * ***** spot, *'* ******* **** ****** *** your *********** ** **** *** **** the ***** ********* ****** *** ****"

*** *** ** **** *****, *** filed **** *****, *** ****** *** get * *** ***?

(2)
(3)
(1)
U
Undisclosed #4
•Jul 17, 2020
In reply to Undisclosed #2

**** ** *** ****. ********* ** the *.*. ** ******** ** ******* itself. *** ** ** ***'*, ** has **'* ******* ** ** ** for ****. ** **** **** *** resources *** **** ** ****, **** will. ** ***, **** *** *** lights.

**** ***** ********** ** *** **** anybody ** **** ** *** *** intent ** **** ******* *** ** help ***** ******* ***** *****.

****, **** *** **** ***** **** they *** *** **** **** ********** but *********** ***** ******** ** * company *** ** ******* **********, **** might ** **** ** ****** *** funds. ***'* ** ***** ******** *********** companies **** ***** **** **** **** to **** ****** *** ** **** selling (******) ********* ********.

(8)
U
Undisclosed #3
•Jul 17, 2020

* ***** ***** ** **** ****** business ***** ** *****-**. ****'* *** it's ** ********* ** ******* ******* groups.

(2)
Avatar
Morten Tor Nielsen
•Jul 17, 2020
prescienta.com

**** *** ****, *** *** ******.

*** *** **** ** ********* **, is ********* * **** ** ***** shareholders, ** ********** *****: "****** **** a ****, **** **** **** *****".

**** *** ***** *** *** ****, they **** **** * *** ** the ***** ***** *** ** ** places ** *** *** ******** ** end **, *** **** *** *** price ** ***** **** ** *** quickly. ** ******* ******, ******* ********* that **** "******" ********* */* ****** to ******* ****** **** ****** ***. That ***** **** ***** **** ** do, *** * ***'* ***** *** government *** *** **** ** *********** what ** ****** *** **** ***'*. Furthermore, ****** ********* ***, *** **, have ***** ****** ** *******. ***** is ** **** "*******" ***** ** the ****** **** * *** -*.**% interest ** ** ******** ********.

*/* *** *** ********* **, *** more **** ****** **** *****/********* ** would **** ***** *** **** ********** as *** **** ****** ** *** CARES *** ****: ****** * ***** of ****** **** ********* ** ***** COVID ***** ***** ** * *** move ***********. ** **** ***, * stronger *** **** ******** ****** ***** snap ** *** ****** **** ********* would ****. **** ***** ** **** defeated, **** ***** **** ** **-**** and ******* ***** *** *****. **** is *********, *** *** ****** ** a ********** ******* *** ****** *** their ******* (**** **** *** **** to), ** ***** *** **** *** want.

*** *** * *** ** ** that ** ***** *** ** *** for ********* **, **** ***** ***** most ****** (*** **** ***** *****) have **** *** ****. ***** ***** have **** ** ******** ***** ******* for ********* (*** **** *****). *** they *** ** **** ***** **** and *** ** ***.

******* *** ** **** ** ** - * *** ** ****** *** $1200 ** *** ****, **** ****** it, **** ****'*. **** **** ** places ***** $**** ***** *** *** you **** ******, *** **** **** in ***** ***** ***** $**** ** a *** ** *******. * ***** anyone ******* *** **** **** "****'* need **" ** *** ** ****.

****, ********* ** *** ** **** out * **** ** *** *** money (**** **** ***** ***** *******), but **** *******, **** ***** ** crazy *** ** **** **.

* ** ******* **** ***** *** PPP *** *** ***** ****, *********** the *********** **** **'** **. * also ******* **** *** *********** ** the ****** ******* ** ** ***** of ******** ******* ******* *** ***** desire ** *** *** ****-***** ** the **** ** *** ***, *****. single. ****. *** ***** ****** ******** a ***.

(18)
(4)
(3)
UI
Undisclosed Integrator #6
•Jul 20, 2020
In reply to Morten Tor Nielsen

******* *** ** **** ** ** - * *** ** ****** *** $1200 ** *** ****, **** ****** it, **** ****'*. **** **** ** places ***** $**** ***** *** *** you **** ******, *** **** **** in ***** ***** ***** $**** ** a *** ** *******. * ***** anyone ******* *** **** **** "****'* need **" ** *** ** ****.

***** *** ** ********* *** ****** the $****.** **** ** **** ******'* have ** **** ****** ** ***, what **** ***** ** ** ****** it ** * ***** ******** **** got ******* *** ** *** *** funding ******* ** ********* **** ********* who **** *** *** ***** **** though **** ****'* **** **. ***** IS * ********* *** ****** **** PPP $ *** ********* ****** **** use ** ** **** * ****** apology *** ****** ** ** *** first *****.

(1)
Avatar
Joey Walter
•Jul 17, 2020
IPVM • IPVMU Certified

******:

** **** ***** *** **** ****** about *********'* *** ******** *** *** worth *** ********* *** ******** ****** for ***.

********* *** **** **** ** ***** to *******, *** **** **** *** yet **** **.

** **** ******, ** *** ****, we ******* * ********.

(3)
Avatar
Mark Jones
•Jul 17, 2020

********, *** * **** ******** ** the ** *********** *** ****** ** the *******. ********* ****** ****** *** money.

(10)
(3)
Avatar
Joey Walter
•Jul 17, 2020
IPVM • IPVMU Certified

****** *:

********* *********, ****** *** "***** ******** concern" ************** *******, ** **** ******* under *** ***-*** *** *****, *** thus ********* ******* (***)'* ****** ********* by ********* ******* ** *** *** one **** ****** *** *********** ***********, not *** ******** ********* ** *****.

**** *** **** ***** ********* ***., the ** **** **************, ** ******* to ***** ************* ******* ** *** worth, *** *****:

******, ** ** **** ***** *** Small ******** ******* ***********, * ***** apply *** ******* *** ********* ******* Inc, **** ** ****** **** ** our ** ***** ** ** ******* for *** **** ***** ***. *** financials *** ** **** ****** *** limits *****. *** ********** *** *** small ******** ******* *** *** ***** it ****** ************ ********* ***********.

(3)
GM
Greg Macharyas
•Jul 20, 2020

**** ********* ********. ****'** (********* ***.), found * ******** *** *** ***** it *** ********* *********. * ****** doubt ** **** ** ******** ** keeping ********* *******.

(1)
JH
Jay Hobdy
•Jul 20, 2020
IPVMU Certified

**** ** * ******* ******* ** Milestone? ***** **** * ******* ****** to **** *** *** ********.

* *** **** *****. *** ********* is * *** *******, *** **** have *********.

*** ** *** ***** ****, *** they ****** ****** ** *** * months ** ******* ** ******** *****? The **** *** **** ************ **** to ********* *** *** **** ********* been **** ***.

*** ***** ******** ****** **** ****? Were **** ****** ***** ** *** people ***? *** **** ** **** enough ** **** ** *** **** was *********.

***** *** *** ***** ** ****** you *** **** *** **** *** 2+ ******** ******* **** * ****** weeks ** ********..

(1)
UE
Undisclosed End User #5
•Jul 20, 2020

*** * **** ****. ** *** hand, **'* **** ** **** ****** physics ******* **** ** *** *** tests: ****** **'* ************ ********** ******* the *****, ******** ****. **** *** approved, ** **** *** ****. **** just *****'* *** ***** **** ** moral ************** ** **.

(2)
Avatar
Jeremy Blanton
•Jul 21, 2020
Bee-Safe, LLC

* ** * ***** ******** *** we ********* ******* *** ***** ***** and ** **** ******** ******* *** the **** ** **** **** *** probably ***** **** **** ** **** year ** ** *** *** ***** that ** *****'* ******* *** ******.

** ****'* **** ** **** ***, we ****'* **** **** ** *** of ***** ********. ** * ***** (and ***** * ** ****) *** I *** ***** * '***** ***' fund *** ** ******* *** ** that **** ** **** * **** of ********. ***** ***'* **** *** amount ** **** '***** ***' **** that ******** **** ** *** **** in ****** **** * ****.

******* * **** **** *** ******** was *** ***** ***** ********** **** don't **** **** *** '***** ***' fund. ** ** *******, ********* **** advantage ** ***** ******** ** ** I **** ** '******' **** *** when *** **** ** ****** *****, the ******* ********** **** *** ** so *********, ****, *******, ***.... ******** term *** **** ** ***** ** it **...

* *** *** ********** *** *** government ****** *** *** ************ ** even **** *** **** *************. ** the *** *** ***** ******* **** millions, **** **** ********** **** ****** investment, ******, '***** ***' ***** ****** around **** **** *** ****** ** withstand *** **** ***** ** **** a *** ***!

(2)