What you should know
- Mayor Bill de Blasio announced Tuesday the creation of New York City’s first Medallion Taxi Driver-Owner Relief Fund for taxi drivers in financial distress due to the ongoing pandemic.
- The stimulus-dependent fund will offer debt relief to medallion taxi driver-owners whose industry has been hit hard by the COVID-19 pandemic.
- TLC licensees in need of these services can call 311 or visit nyc.gov/taxi to schedule an appointment.
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NEW YORK – Mayor Bill de Blasio announced Tuesday the creation of New York City’s first Medallion Taxi Owner-Driver Relief Fund for taxi drivers in financial distress due to the ongoing pandemic.
The stimulus-dependent fund will offer debt relief to medallion taxi driver-owners whose industry has been hit hard by the COVID-19 pandemic.
“Medallion owners have been hit hard by this pandemic. They deserve all the support we can give them as the number of passengers recovers, ”de Blasio said in a statement. “This program creates a path to solvency and supports the important role of the yellow medallion taxi industry in building a recovery for all of us.”
The $ 65 million Taxi Medallion Driver and Owner Relief Fund will include:
- 0 percent interest loans of up to $ 20,000 to use as a down payment to assist in the restructuring of medallion debt.
- Up to $ 9,000 in low-interest or no-interest loans for up to six monthly loan payments of $ 1,500.
“I have spoken with many medallion owners and I hear the pain in their voices,” said the president of the Taxis and Limousine Commission (or TLC in English), Aloysee Heredia Jarmoszuk. “They worry about being able to support their families, sometimes they have to choose between making a loan payment and putting food on the table. This relief fund will provide crucial assistance to an industry that was over-impacted and suffered severe business losses during COVID-19. As the city’s economy recovers, we want to give medallion owners the support they need to get their vehicles back on the streets and handle the increased passenger demand. “
TLC’s Owner / Driver Resource Center will also continue to help licensees obtain stimulus and other benefits, including federal Payroll Protection Plan (PPP) loans that have already helped medallion owners cover business expenses. The PPP loan application period expires on March 31.
Offering a variety of free financial advice and legal assistance to TLC licensees, as well as connecting them to government benefits and health and wellness resources, the TLC Resource Center has already helped nearly 800 licensees. TLC licensees in need of these services can call 311 or visit nyc.gov/taxi to schedule an appointment.
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