I wouldn't do a NYE gig down the block for $500. Corporate Event Bands, Wedding Bands, and NYE gigs are the premium gigs. These gigs demand precision and the client typically knows that goes with a higher price.
My band did a corporate Christmas party for my company one year. Our rate was too high, so I paid the other guys out of my cut. I took home $0.00 and had to do a lot of the heavy lifting as far as coordinating with the convention center, going back the next day to get the gear, etc, etc. I did this because a lot of folks at my company wanted to see us but were not bar going folks. Okay cool. But me, as the guy trying to do a favor for a friend was the one that essentially lost money. I put in over 20 hours coordinating that gig. I was not the one that got treated like a rock star getting flown around here and there on the clients' dime. I did not expect my mates to do anything other than play a normal gig.
Good luck OP
My band did a corporate Christmas party for my company one year. Our rate was too high, so I paid the other guys out of my cut. I took home $0.00 and had to do a lot of the heavy lifting as far as coordinating with the convention center, going back the next day to get the gear, etc, etc. I did this because a lot of folks at my company wanted to see us but were not bar going folks. Okay cool. But me, as the guy trying to do a favor for a friend was the one that essentially lost money. I put in over 20 hours coordinating that gig. I was not the one that got treated like a rock star getting flown around here and there on the clients' dime. I did not expect my mates to do anything other than play a normal gig.
Good luck OP