Is it feasible for small business owners to receive a minimum wage for paying a higher wage to their employees?

When times are bad in a business, some times the owners will take out no pay for a while.

Your question doesn’t make a lot of sense on its face, at least with the wording that you’ve used.

“Businesses” don’t earn “a wage” of any kind. As @janbb has noted, “business owners” may elect to forego taking a wage or salary for their own efforts sometimes during hard times, in order to keep more money in the business (or keep employees and keep paying them!), but I keep going back to the first sentence in this paragraph.

Sometimes hubby and I don’t even get a check and last month we had to take money out of our personal savings to make the business float. If we don’t get this under control soon we might have to quit. We only have 3 employees and two of them had extended disability time last year. One is back and one should be back next month. They are not producing any income but we continued to pay their medical insurance while they were gone and all the other expenses like liability insurance, car insurance and office expenses still went on.

Sometimes owners get a subsidy or tax credit for hiring a special class of employee, such as the WIC program or a foreign exchange student, but mostly the owners salary comes from whatever is left out of the income after paying all the business expenses.

The minimum wage is a anti jobs policy. Ten states have announced an increase in their minimum wage effective from January.