Barack Obama has said the private sector is doing fine.

Tell that to small business owners; a new survey by Citigroup shows that 23% of small business owners have gone more than a year without pay. The study also says that 54% of them have gone without at least one paycheck; 38% of them said their employees had worked overtime without being compensated; and 18% of them had been unable to make a paycheck for their employees at least once.

During recent years, 78% of the owners have taken less profit, 70% have been working more hours, and 69% have used their own funds in order to keep their businesses afloat.

When asked what issues have been the most problematic for them, the owners didn’t rank their access to financing in the top five, instead claiming lack of sales and consumer confidence were the most troubling factors.

Maria Veltre, Citi's managing director of small business, commented: 

“Business owners are wearing more hats, working more hours and taking less profit” to keep their businesses going. They don’t sit idle, they’re asking, ‘What do I need to do to make my business grow?’ There is a level of sacrifice small business owners take for their businesses.”

The small business owners are reluctant to borrow funds because they are worried about the costs of Obamacare and the financial hit the economy will take from expiring tax cuts.