Obama Signs Stimulus Bill; New H1B Rules are Included

Yesterday President Obama signed the Stimulus Bill. As I said in previous article, new Bill will become law only after President signs it. It has both good news and not so good news.

Good News
New Stimulus Law will create millions of new job and provide Tax Break to Middle Class Families and improve America’s School system and infrastructure. Banks will receive money, so they can lend more to the consumers.

Bad News
New H1B Hiring Rules is in included in the Law. Which means, companies receiving money from the Stimulus Bill will be considered as H1B Dependent Firm and they can hire H1B Workers, but they are subject to very strict rules. From my understanding, rule applies only to Exempt H1B workers. An exempt worker is one who makes at least $60,000/year OR possesses a Master’s or higher degree in their filed.

For a day there were rumors about New H1b Rules being removed from the Stimulus bill, but that was not the case. This rules applies 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 H1B Visa Extension working in banks receiving bailout money
Can they hire H1B Workers as contractors instead of Full time Permanent employees, through a consulting firm?
What is the impact of this new law while filing for Green card
As I find more information, I will post here. Subscribe to News Letter or through RSS Reader to get instant updates delivered to you.

Disclaimer – Refer to Immigration Professional if you have more questions; Information diplsayed here is for information purpose only.

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