Yesterday, U.S. President Obama signed the new Economic Stimulus Law. As I said in a previous article, any new bill passed by U.S. Congress will become a law only after the President signs it.
It has both good news and not so good news.
The New Stimulus Law will create millions of new jobs and provide tax breaks to middle-class families and improve America’s school systems and infrastructure. Banks will receive fresh stimulus capital, so they can lend more to consumers.
The New H-1B Hiring Rules is in included in the Law. This means companies receiving money from the New Stimulus Law will be considered as H-1B dependent firm and they can hire H-1B workers. However, they are subject to very strict rules.
There was some confusion, like if the new rules don’t apply to exempt H-1B workers. An exempt worker is one who makes at least $60,000/year OR possesses a master’s or higher degree in their field.
Banks receiving funds have to follow the new rules even if they hire exempted workers.
For a day, there were rumors alleging that the New H-1B Rules are being removed from the Stimulus law, but that was not the case. This rule applies up to 2 years from now.
I’m still trying to understand the impact of existing employees in those companies receiving bailout money. I’m trying to find answers to following questions.
- Can current employees apply for H-1B visa extension working in banks receiving bailout money?
- Can they hire H-1B workers as contractors instead of full time permanent employees, through a consulting firm?
- What is the impact of this new law when filing for a green card?
As I find more information, I will post them here. Subscribe to the blog’s newsletter or through RSS Reader to get instant updates delivered straight to your email box.
Disclaimer – Refer to Immigration Professional if you have more questions; Information displayed here is for information purposes only.