This first quarter of 2020 we had 490 employees. At the time of the application we had 317 employees. We now have 460 employees. Do we have to reach the 490 for the loan to be forgiven?

Please keep in mind that there are two base period for FTE comparison.  1/1/2020-2/29/2020 OR 2/15/2019 – 6/30/2019.  You determine the FTE on each period compare to your 8 week covered period, and use either base period that is most beneficial to you.

Alternatively you can look at your FTEs on 2/15/2020 and as long as you offer employment to that FTE equivalent by 6/30/2020 there should be FTE reduction.