Canon Company Milestone Takes $1+ Million PPP Money

By John Honovich and Joey Walter, Published Jul 16, 2020, 03:01pm EDT

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 *******+ *******

********* **** ***** ** ******* $*-* million, ********* ** ** government ******* ******* ******** and * ****** ****** provided ** ********** ******** *** *******.

Owned ** *****

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

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

********* ******* *** **** explanations *** **** **********: (1) **** ******* ** April **** ******* ********* did *** ***** ******* the *** ******** ***** and **** (*) ********* Systems (***) ** ******** owned ** ********* ******* AS *** **** **** direct ********* *** *** one **** ****** *** determining ***********, *** *** ultimate ********* ** *****.

** *** ******** *****, the ** ******************* *** ******:

*** **** *** **** any ******** **** ******* for * *** **** prior ** *** *, 2020 ** ** ********** based ** *** ********'* exclusion ** ***-*.* ********* from *** ********'* *********** of *** ******** ********* if *** ******** (******** with *** **********) [*]*** ** **** **** 500 ********* ***** ********* place ** ********* ** in *** ****** ******.

********* *****'* **** ****** Report***** ***** ******** ***** of ~*** ******* *** "500 ********" ******** ***** by *** ***:

  • ******* **. ** ****-**** employees: ***
  • ****** ** ********* ** year-end: ***

*******, ********* ******* ** April *** ***** *** funding *** ******** ** May *, ****, ****** the ****** ** ******* that ******* ********* ******* for *** ***** ******** classification, **** ********* ******* IPVM:

*** ************* ********* ******** number **** ******** ** the *********** *********** ********* the ********** ********** ** the **** ********* ******* Inc **** *** ***********.

** *********,*** *** ******* ************** *** ** ************ PPP ***********:

******** *** ******** *** affiliates ** **** ***** when *** ******** ** has *** ***** ** control *** *****, ** a ***** ***** ** parties ******** ** *** the ***** ** ******* both....

(*) *********** ***** ** ownership. *** *********** *********** based ** ****** *********, a ******* ** ** affiliate ** ** **********, concern, ** ****** **** owns ** *** *** power ** ******* **** than ** ******* ** the *******'* ****** ******

*******, *********'* ************** ** that *** ****** **** owns ********* *** ** Milestone ******* **, ***** has **** **** *** US *********, ******* ********** it ***** *** ***-*** 5th *****, ** *** company ****:

********* ******* ***. ********* because ***** ***. ***’* considered ** ********* ** Milestone ******* ***. ***** upon *** ************** ** the *********** ********** ****.

*******, ********* ******* *** is ***** ** ********* Systems **.

********* **** *** ******* that ** ** ********** owned ** ***** (*.*., Milestone *** ** ***** by ********* ******* ** and ********* ******* ** is ***** ** ********* Systems ***** *** ********* Systems ***** ** ***** by *****, ***.) *** their ************** ** *** PPP ***** ** **** does *** *****.

******

** ****** **** ** be *******. ***, ** see ** ** ******* the ******, ** *** the ******, ** *** PPP. *** ***** ********* was ** ******* ** small **********, *** ********* of *****-******** *************. **** if *** ******* **** applying ****** *** ******* employee ***** *** *******, the ************** **** ********* only ****** * ***** up ** *********. **********, that ** ** ** the ** ********** ** decide *** ******** *** if *********** *** ** avoided ****** ** ****** intermediate ********* ********, ** is *********** * ********.

********* *** ********** **** they **** **** **** and **** ** ******* its ** ********'* ****. While ** ** *** doubt ***** **********, ** question *** ***** *** the *************** ** ***** the *** ******* ** their ****** ***** ** this *********.

******:

*********'* **** ****** *** revenue *** *** ***** figures ******* ******* *** SBA's ***. *****, ** addition ** *** ***** points *****.

******'* *** *** ****** applicants ** $* ******* average *** ******:

(*) *** ******* *** income ***** ******* ****** taxes (********* *** *****-**** losses) ** *** ******** for *** *** **** fiscal ***** ****** *** date ** *** *********** is *** **** **** $5 *******.

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

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*** *** **** ****** applicants ** * "******** net *****" ** $** million:

(*) ******* ******** *** worth ** *** ******** is *** **** **** $15 *******.

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

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********* *** *** ******* on ****, *** ** or **** **** ** we **** *** ***** feedback.

Update *:

********* *********, ****** *** "small ******** *******" ************** applies, ** **** ******* under *** ***-*** *** rules, *** **** ********* Systems (***)'* ****** ********* by ********* ******* ** was *** *** **** counts *** *********** ***********, not *** ******** ********* by *****.

**** *** **** ***** Milestone ***., *** ** only **************, ** ******* to ***** ************* ******* or *** *****, *** wrote:

******, ** ** **** using *** ***** ******** concern ***********, * ***** apply *** ******* *** Milestone ******* ***, **** we ****** **** ** our ** ***** ** we ******* *** *** loan ***** ***. *** financials *** ** **** within *** ****** *****. The ********** *** *** small ******** ******* *** not ***** ** ****** consolidated ********* ***********.

Vote / ****

Comments (19)

*****

Agree
Disagree: 2
Informative
Unhelpful: 2
Funny

**'* * ****. ********, I'm *** **** **** the ***** ** ****.

Agree: 1
Disagree: 12
Informative: 1
Unhelpful
Funny

*** ********* *** ********* everyone ********* ****** ** *** ** to ** ********, *.*., *** **** money **** *** **********. That's *** ***** ** such * ******* ******. Also, ** ** *** just * ****, ********* does *** **** ****, they **** ****** ** liquidity *******.

Agree: 14
Disagree
Informative
Unhelpful
Funny

*** * **** ** they ***'* **** *** ultimate ******** ** **** it ********. ** **** do, **** ** ***** into * *****. ******* they *** *** ******** to *****, **** **** applied ** **********, ** my *******, **** **** that **** **** **** than *** *********, *** they **** ******, *** ability, ** ***** ******* that **** ***** ********** don't ****. **** ****** companies ***** *** ******* money ** ***** ********, every ****** **** ******** couldn't ** ***** ** a *** *** *** or **** ****** ********. I **** **** ***, as ** ******* ** ANY ****** ******** **** could ************ ***** ******* by ***** *****. ***** was * ****** ****** of ***** ** ** around ***** **, *** it *** *** *******, leaving * *** ** businesses **********.

Agree: 7
Disagree: 2
Informative: 1
Unhelpful: 2
Funny

*** **** * "****" if *** ***'* *** it ** **** *******. Its ** ******* *** their ********** **** ** make ** ****, ** THE *****, **** ** paid ******* ** **** won't **** ** *** it **** ***** ***** it *** * ****.

Agree: 1
Disagree
Informative
Unhelpful
Funny

***** **** ** * conglomerate ****** **** *** get *** ***** **** it. ** ** *******'* case *** *******, **** subsidiary ** *********** *** expected ** ******* ****** and *** **** ** the **** ****** ** pump *** **** *****.

**** ******* * **** a **** *********** ****** mean *'* **** ***, I'm ******** ** ** an *********** *********** *****, not * ***** **** baby...

** ********, ***** ** has *** ***** **** up ********** *** ***** concern, * ***** **** are ******* **** ****** only ********* *** ** their ****.

Agree: 5
Disagree: 5
Informative: 3
Unhelpful: 1
Funny

**** ******* **** ***** if ************ ****** ********* rights ** ***** *************. If ** ************ ***** me, * ***** ****** room *** *****.

Agree: 8
Disagree
Informative
Unhelpful
Funny: 5

*** *** **** *** board **** *** **** for ****.

** ******* ** **** like **** **** **** comes ** *** *** says :"******* ** ** a ***** ****, *'* cutting **** ****** *** your *********** ** **** and **** *** ***** employees ****** *** ****"

*** *** ** **** hours, *** ***** **** taxes, *** ****** *** get * *** ***?

Agree: 2
Disagree: 3
Informative: 1
Unhelpful
Funny

**** ** *** ****. Milestone ** *** *.*. is ******** ** ******* itself. *** ** ** can't, ** *** **'* parents ** ** ** for ****. ** **** have *** ********* *** want ** ****, **** will. ** ***, **** out *** ******.

**** ***** ********** ** not **** ******* ** turn ** *** *** intent ** **** ******* was ** **** ***** without ***** *****.

****, **** *** **** found **** **** *** get **** **** ********** but *********** ***** ******** as * ******* *** on ******* **********, **** might ** **** ** return *** *****. ***'* of ***** ******** *********** companies **** ***** **** that **** ** **** afloat *** ** **** selling (******) ********* ********.

Agree: 8
Disagree
Informative
Unhelpful
Funny

* ***** ***** ** also ****** ******** ***** by *****-**. ****'* *** it's ** ********* ** finance ******* ******.

Agree
Disagree
Informative
Unhelpful: 2
Funny

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

*** *** **** ** Milestone **, ** ********* a **** ** ***** shareholders, ** ********** *****: "sounds **** * ****, just **** **** *****".

**** *** ***** *** was ****, **** **** that * *** ** the ***** ***** *** up ** ****** ** was *** ******** ** end **, *** **** was *** ***** ** being **** ** *** quickly. ** ******* ******, someone ********* **** **** "viable" ********* */* ****** to ******* ****** **** gotten ***. **** ***** have ***** **** ** do, *** * ***'* think *** ********** *** the **** ** *********** what ** ****** *** what ***'*. ***********, ****** companies ***, *** **, have ***** ****** ** funding. ***** ** ** much "*******" ***** ** the ****** **** * get -*.**% ******** ** my ******** ********.

*/* *** *** ********* US, *** **** **** likely **** *****/********* ** would **** ***** *** same ********** ** *** good ****** ** *** CARES *** ****: ****** a ***** ** ****** from ********* ** ***** COVID ***** ***** ** a *** **** ***********. If **** ***, * stronger *** **** ******** player ***** **** ** the ****** **** ********* would ****. **** ***** is **** ********, **** would **** ** **-**** and ******* ***** *** folks. **** ** *********, and *** ****** ** a ********** ******* *** caring *** ***** ******* (when **** *** **** to), ** ***** *** what *** ****.

*** *** * *** it ** **** ** there *** ** *** for ********* **, **** Canon ***** **** ****** (all **** ***** *****) have **** *** ****. Which ***** **** **** to ******** ***** ******* for ********* (*** **** Canon). *** **** *** to **** ***** **** and *** ** ***.

******* *** ** **** at ** - * lot ** ****** *** $1200 ** *** ****, some ****** **, **** didn't. **** **** ** places ***** $**** ***** not *** *** **** relief, *** **** **** in ***** ***** ***** $1200 ** * *** of *******. * ***** anyone ******* *** **** that "****'* **** **" to *** ** ****.

****, ********* ** *** to **** *** * form ** *** *** money (**** **** ***** other *******), *** **** offered, **** ***** ** crazy *** ** **** it.

* ** ******* **** CARES *** *** *** the ***** ****, *********** the *********** **** **'** in. * **** ******* that *** *********** ** the ****** ******* ** 20 ***** ** ******** central ******* *** ***** desire ** *** *** lime-light ** *** **** of *** ***, *****. single. ****. *** ***** market ******** * ***.

Agree: 18
Disagree: 4
Informative: 3
Unhelpful
Funny

******* *** ** **** at ** - * lot ** ****** *** $1200 ** *** ****, some ****** **, **** didn't. **** **** ** places ***** $**** ***** not *** *** **** relief, *** **** **** in ***** ***** ***** $1200 ** * *** of *******. * ***** anyone ******* *** **** that "****'* **** **" to *** ** ****.

***** *** ** ********* for ****** *** $****.** back ** **** ******'* have ** **** ****** to ***, **** **** COULD ** ** ****** it ** * ***** business **** *** ******* out ** *** *** funding ******* ** ********* like ********* *** **** the *** ***** **** though **** ****'* **** it. ***** ** * provision *** ****** **** PPP $ *** ********* should **** *** ** it **** * ****** apology *** ****** ** in *** ***** *****.

Agree: 1
Disagree
Informative
Unhelpful
Funny

******:

** **** ***** *** main ****** ***** *********'* net ******** *** *** worth *** ********* *** required ****** *** ***.

********* *** **** **** 12 ***** ** *******, and **** **** *** yet **** **.

** **** ******, ** and ****, ** ******* a ********.

Agree
Disagree
Informative: 3
Unhelpful
Funny

********, *** * **** everyone ** *** ** understands *** ****** ** the *******. ********* ****** return *** *****.

Agree: 10
Disagree: 3
Informative
Unhelpful
Funny

****** *:

********* *********, ****** *** "small ******** *******" ************** applies, ** **** ******* under *** ***-*** *** rules, *** **** ********* Systems (***)'* ****** ********* by ********* ******* ** was *** *** **** counts *** *********** ***********, not *** ******** ********* by *****.

**** *** **** ***** Milestone ***., *** ** only **************, ** ******* to ***** ************* ******* or *** *****, *** wrote:

******, ** ** **** using *** ***** ******** concern ***********, * ***** apply *** ******* *** Milestone ******* ***, **** we ****** **** ** our ** ***** ** we ******* *** *** loan ***** ***. *** financials *** ** **** within *** ****** *****. The ********** *** *** small ******** ******* *** not ***** ** ****** consolidated ********* ***********.

Agree
Disagree
Informative: 3
Unhelpful
Funny

**** ********* ********. ****'** (Milestone ***.), ***** * loophole *** *** ***** it *** ********* *********. I ****** ***** ** will ** ******** ** keeping ********* *******.

Agree: 1
Disagree
Informative
Unhelpful
Funny

**** ** * ******* dollars ** *********? ***** like * ******* ****** to **** *** *** backlash.

* *** **** *****. Yes ********* ** * big *******, *** **** have *********.

*** ** *** ***** side, *** **** ****** afford ** *** * months ** ******* ** business *****? *** **** may **** ************ **** to ********* *** *** have ********* **** **** off.

*** ***** ******** ****** been ****? **** **** really ***** ** *** people ***? *** **** we **** ****** ** know ** *** **** was *********.

***** *** *** ***** of ****** *** *** when *** **** *** 2+ ******** ******* **** a ****** ***** ** planning..

Agree: 1
Disagree
Informative
Unhelpful
Funny

*** * **** ****. On *** ****, **'* like ** **** ****** physics ******* **** ** his *** *****: ****** it's ************ ********** ******* the *****, ******** ****. They *** ********, ** good *** ****. **** just *****'* *** ***** with ** ***** ************** of **.

Agree: 2
Disagree
Informative
Unhelpful
Funny

* ** * ***** business *** ** ********* through *** ***** ***** and ** **** ******** through *** *** **** of **** **** *** probably ***** **** **** of **** **** ** we *** *** ***** that ** *****'* ******* any ******.

** ****'* **** ** bail ***, ** ****'* take **** ** *** of ***** ********. ** a ***** (*** ***** I ** ****) *** I *** ***** * 'rainy ***' **** *** we ******* *** ** that **** ** **** a **** ** ********. There ***'* **** *** amount ** **** '***** day' **** **** ******** most ** *** **** in ****** **** * jobs.

******* * **** **** the ******** *** *** those ***** ********** **** don't **** **** *** 'rainy ***' ****. ** my *******, ********* **** advantage ** ***** ******** or ** * **** it '******' **** *** when *** **** ** around *****, *** ******* government **** *** ** so *********, ****, *******, etc.... ******** **** *** want ** ***** ** it **...

* *** *** ********** why *** ********** ****** the *** ************ ** even **** *** **** opportunities. ** *** *** and ***** ******* **** millions, **** **** ********** have ****** **********, ******, 'rainy ***' ***** ****** around **** **** *** afford ** ********* *** hard ***** ** **** a *** ***!

Agree: 2
Disagree
Informative
Unhelpful
Funny
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