US Immigration: What Nonimmigrant Workers can do after losing their job

This article applies to the following nonimmigrant worker VISA classifications:
E-1, E-2, E-3, H-1B, H-1B1, L-1, O-1, TN and workers with pending I-485 for 180 days

When nonimmigrant workers are laid off & unable to find another job; they wrongly assume that they have to leave the US within 60 days. 
You can take one of the following actions within the grace period to be authorized to stay in the US for longer while you look for another job:

1. Self-petition for a change of temporary change to nonimmigrant status (dependent, student, or visitor)
2. Self-petition for a permanent change to immigrant status (EB1) concurrently with adjustment of status application (EB1 process is very long and complicated)
3. File an application for an EAD (employment authorization document)
   if you already have an approved employment-based immigrant visa petition (I-140) and are facing compelling circumstances (VERY RARE)
4. Leave the US temporarily to pause the 60days grace period, apply for US jobs while residing outside the US and return back to US whenever you get a new US job with a new visa stamp applicable to your new work authorization and new employer

Benefits:

1. Allows time to request a change of status, continue job search, or applying for alternate work authorization
2. Spouses with EAD or employment authorization incident to status may continue working during the grace period.
3. Allows filing of a new work visa application to change status and further stop accrual of unlawful presence
4. H-1B workers can begin work immediately after the new employer files a new H-1B petition.

Limitations:

1. Applicants must maintain valid & legal US visa/status prior to filing status/visa change request
2. Time from application start date to USCIS receipt date is counted against the grace 60days period irrespective of all facts/circumstances
3. No employment authorization is DEPENDENT on appropriate change of status being approved
4. Denial of change of status or extension of stay requests cannot be appealed but can be addressed through motions to reconsider or reopen, which unfortunately do not stop the accrual of unlawful presence.
5. If the worker takes no action within the grace period, they and their dependents will need to depart the United States.

Reference:
https://www.uscis.gov/working-in-the-united-states/information-for-employers-and-employees/options-for-nonimmigrant-workers-following-termination-of-employment