There may be a financial storm brewing at a key intersection on Main Street.
Roughly 35% of small-business owners in a survey said they’ve needed to tap their own funds — via a personal credit card and/or savings, for example — to help prop up their business in the months since the coronavirus whacked the U.S. economy, according to a new survey from CreditCards.com. Other sources serving as a lifeline included business credit cards or a business savings account, and loans (including through the Paycheck Protection Program, or PPP).
Altogether, 70% in the survey said they have leaned on one or more of those sources to remain in business since the coronavirus pandemic began.
“These are tough numbers,” said Ted Rossman, industry analyst for CreditCards.com. “They show just how dire this is for small businesses, and also how intertwined their personal and business finances are.
“You kind of have to worry about some of them compromising their own financial well-being,” Rossman…