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petition pending, expired I94 and risk of H1B getting terminated by employer

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  • petition pending, expired I94 and risk of H1B getting terminated by employer

    I am in my 3rd year of H1B visa. I changed my job in Feb 2016 and my employer filed a standard petition with USCIS (Vermont) which was pending until now (my visa and I94 expired in Sept 2016). My project ended without notice on 02/28 and now I am looking for a new assignment. My employer says they will terminate my h1 after 4 weeks if I don't get a new project. I converted to premium processing and USCIS received my request on 03/06. So a reply is expected by 03/20.

    Please elaborate what should I do as this is a very stressful situation -

    1)If I get RFE and my processing gets delayed, with revoked H1 what are my options if I don't get an offer by then? My I94 is not valid so do I need to leave immediately?

    2)If my petition gets approved and I get a new I94, with revoked H1 can I stay and look for a new job? Am I going to be out of status because of H1 termination even when I have a valid I94 ? Do I need to leave the country immediately ?

    3)Can I stay for few days even after my H1 is terminated if I am close to finalizing a project? Will it be termed illegal or out of status stay?
    Your help will be highly appreciated.

    4) Is Jan 17 rule on 60 days grace period going to help me in some way?

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