PR holder(my wife) does not satisfy 730 days(in first 5 years) residency obligation, for PR renewal, so, she will lose PR status by September 2021
Am a PR holder satisfying residency obligations.
Can I sponsor my wife, before she loses PR status?
You do not give much information if this is her first PR card, when landed, how much time she spent in Canada to date (total), why she was out of Canada, etc. (Is she in Canada now?)
Assuming she is outside of Canada: with PR card expiring in sept 2021, she should be able to board a plane to Canada (covid plans etc needed); the sooner the better. At the border she should tell the truth about why she was out of Canada, and that you (her spouse) living in Canada. If she is let in with no further formalities, she'll need to stay in Canada until in compliance before renewing her card. If she is 'reported' and process started to examine her compliance (potentially eventually revoking her PR status), with an appeal process to see if additional reasons to not revoke; during this period she will be let into Canada. No-one can tell you how good her chances are (esp without more information) of being let through without issue or being successful in appeal process. Spouse being in Canada with PR helps. While this process is taking place (in Canada), she is a PR and can live, work, etc.
If it is eventually revoked, you can sponsor her again (subject to eligibility, etc). In principle this can be done while she is in or out of Canada but there may be requirement to leave Canada if she loses the PR status. Re-sponsoring will take time (e.g. 12 months).
A bit more background: forget about the PR card expiry (mostly) - the PR card is not the same as PR status. PR status does not expire, but has to be formally revoked or renounced.
Not complyng with residency obligation does not result in immediate revocation. Officers at examination (e.g. at port of entry) will decide whether to formally report or not. They must take into consideration humanitarian and compassionate considerations (why she was away, ties in Canada, etc).
Again, no-one can give you certainty. If she wants to be in Canada and return to stay with you (not leave again), returns soon, her chances improve. Again, she will need to be prepared to stay in Canada basically continuously until she is in compliance again. (Risk of being reported if she leaves and re-enters every single time she re-enters).
If she wants to retain the PR status while basically residing abroad, to put it simply, that will be difficult and is not the intent of PR status - which is why it's called permanent residency.