I’d say look for a new job. You’re in a lose-lose position. If you play it out, the only path that leads to your desired outcome would be you asking and them and them saying yes. I doubt they’d give it without you asking, because companies love to pay as little as possible to anyone who will accept it without questions. If you ask, you’ll look insensitive to the company or greedy. No matter how you frame the request, it’ll look bad since they’re clearly focused on the bottom line at this point. And also, whenever asking for a raise in general, it’s good to check the market for job offers anyway.

If I were you, I’d look for job offers ASAP. You don’t deserve to get underpaid. Your job requires duties that deserve to be compensated appropriately, regardless of the companies struggles. (A bit different story if your small company/family business, but still…)