Great question!

I think planning is another huge component that a lot of business owners may not be considering. Not only around which forgiveness route they want to take but also around tax and business planning.

If congress doesn't pass legislation to allow for the deduction of the PPP related expenses how does that effect your return and which year is it better for the expenses to fall? How does that answer effect their eligibility for a possible NOL carry back that could mean cash in their pocket in the short term?

Even if their PPP loan was for less than $2m, so you won't automatically be subject to SBA audit, they should be prepared for one. That starts with why they believe they needed the funds and how they made that decision. It continues with lots of documentation to support the claim for forgiveness and of course retention of those docs for 6 years.

Finally, business planning so you're life's work remains viable and can even thrive into the future. A SWOT analysis of your business and the market is key to identifying and creating a plan with actions to take them successfully into the future. We've seen many businesses actually expand by changing their mindset and exploring where the new opportunities are hidden.