Town of Brookfield-based Telkonet received $913,063 through the Paycheck Protection Program, a loan program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to a Securities and Exchange Commission filing.
Per PPP guidelines, the loan carries a 1% interest rate and in the case of Telkonet, a maturity period of two years. The loan was disbursed on April 21, according to the filing.
Telkonet makes intelligent automation solutions, such as home energy management tools.
In 2017, the company completed a large-scale renovation and moved all of its 55 employees into its headquarters office at 20800 Swenson Drive, Suite 175 in the Town of Brookfield. Telkonet closed an office with about 25 employees that worked out of space at 10200 W. Innovation Drive, Suite 300 in Wauwatosa, and those workers moved into the new headquarters. All of Telkonet’s personnel and equipment were moved, and its manufacturing, shipping facilities and activities were all shifted to the new space in July of 2017, according to the company’s SEC filings. It also moved its warehouse to 1501 Paramount Drive, Suite E in Waukesha.
Telkonet made the move as it separated from its EthoStream business, which it sold in March of 2017 for $12.8 million.
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