Time is running out.  Both the I-94 and the H1B visa are about to expire in a month, and there isn't any premium processing available.  A typical extension petition has been submitted, but there is no guarantee of what will happen in the interim, so there will be weeks or possibly months of waiting. 

There is nothing to be concerned about, the employer promises.  The idea is simple: even if the I-94 has expired, you can continue working for up to 240 days as long as the extension is filed on time.  The 240-day regulation does exist, but it only takes effect if the petition is filed before to the present I-94's expiration.  You can lawfully keep working during this time, but only in the same capacity and for the same company. 

The tricky part is that simply having a receipt and remaining in the united states after the I-94 expires does not guarantee that you are "in status."  It simply implies that while you can continue working while the petition is still ongoing, it may become difficult to travel abroad or even to renew your driver's license.  Even domestic travel might draw criticism, particularly when done by air.  A receiving notice does not ensure a pleasant travel experience, and TSA officers may request verification of status or valid identification. 

If the petition is granted with a fresh I-94, the I-94 is updated when USCIS authorizes it.  However, until then, you're in a gray region, where you can work legally but live in uncertainty.  The system feels this way.  Although it isn't broken, its purpose is to keep people checking deadlines, counting down the days, and asking around to find out what is "typically" done.  Relying on standard processing carries a small risk.  when everything is according to the book, but it leaves people in suspense.  The wait itself, as well as the accompanying stillness, is the true problem.  unsure if a straightforward weekend trip could devolve into an unpleasant conversation.

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H1B