Small business owners have tapped into personal savings accounts to keep their businesses afloat during the pandemic. According to data from Los Angeles-based Expertise.com, 31.4% of small business owners have used personal funds in the last two months toward their businesses. The same study also showed that nearly 20% of business owners worry about going bankrupt and 18.9% worry about the business permanently shutting down.

"Many small businesses aren't prepared for economic hits—one out of two small businesses stay in business for more than five years — so steep reductions in business can be devastating," David Franklin, general manager at Expertise.com, tells GlobesSt.com. "Without access to funding during a time of crisis, many SMBs are faced with two hard choices, either shut down or tap into their personal funds until the economy recovers."

It is well known that CARES Act released two rounds of PPP funding intended to help small business owners survive the pandemic—at least until the recovery starts. However, the PPP funding in some cases has not made it to the small businesses that need it. "PPP is confusing and the rollout of financial support has been underwhelming for many small businesses," says Franklin. "We're seeing reports that most of the funds available are going to large companies, which forces small business owners to fend for themselves to try and stay afloat. Our survey supports this as over 31% of small business owners are having to withdraw from their personal savings."