You may think you have a handle on all your business debts and expenses, but putting it in writing ensures you have a clear view of the amount of debt the business has. (smallbusiness.chron.com)
If you come to the bank without a detailed in debt business plan in your hands, then get ready to lose your chance to get a business loan. (personalmoneyservice.com)
You can not deduct the amount of the forgiveness as a bad debt business expense even if you did the work. (lawyerist.com)