Small businesses continue to flounder in the pandemic economy, as a recent report has found that one in three owners have had to use their own personal funds to remain open, according to CPA Practice Advisor. The survey, conducted by CreditCards.com, further found that, since March, 24 percent had used a personal credit card, 21 percent had tapped their personal savings accounts, and 10 percent had done both.

Owners do not view this as a sustainable situation, as 53 percent said they will need either an increase in sales or in some sort of assistance program to remain in business through the end of the year, despite 30 percent having accessed a Paycheck Protection Program loan.

As negotiations for the next aid package continue, a coalition of corporate CEOs, led by Starbucks head Howard Schultz, sent a letter to speaker of the House, the Senate majority leader, and the House and Senate minority leaders, asking them to extend further help for small businesses. The CEOs called for more federally guaranteed loans, with longer terms and more flexibility on how the funds are used, as well as loan forgiveness terms for the hardest hit, at least. The CEOs stressed that the funds should be delivered fast, and prioritize communities of color. The letter warned of dire consequences should the government fail to act.

"Every day that passes without a comprehensive recovery program makes recovery more difficult," said the letter. "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon. Tens of millions of Americans have already lost their jobs in this pandemic. Allowing small businesses to fail will turn temporary job losses into permanent ones . By year end, the domino effect of lost jobs--as well as the lost services and lost products that small businesses provide--could be catastrophic."