Entries by Jeffrey A. Bekiares

The PPP Affiliation Rules: Thoughts on a Workaround

On March 27, 2020, President Trump signed into effect the Coronavirus Aid, Relief, and the Economic Security Act (the “CARES Act”), which includes, among other relief provisions, the Paycheck Protection Program (the “PPP”) aimed at providing liquidity to help small businesses maintain their existing payroll by making certain (forgivable, in part) loans available through the […]

SEC Tells Telegram to Hit Pause on Its Token Issuance

This past Friday (October 11, 2019), the Securities and Exchange Commission filed an emergency action and temporary restraining order against Telegram, a messaging app similar to WhatsApp. The emergency action is an attempt by the SEC to stop Telegram’s unregistered offering of its digital asset, “Grams.” As the SEC outlines, Telegram failed to adhere to […]

Equity Compensation in the Gig Economy

Last week, Uber sent a letter to the Securities and Exchange Commission (the “SEC”) seeking an amendment to Rule 701 promulgated under the Securities Act of 1933. Rule 701, which was recently modified in July 2018, allows non-reporting companies (i.e. startups and other privately held companies) to issue securities for compensatory purposes to eligible recipients […]