Hi Everyone,
I recently had my H1B visa approved through the 2023 lottery. However, with recent layoffs in my company, I am concerned about my job stability.
Can I transfer my H1B visa to another employer before the start date of October 1st?
I read somewhere that the new employer could file a petition under the “cap-exempt” quota. Is it true? What would be the process?
My OPT expires on Sep 19. Parallelly, can I apply to STEM OPT with a different employer to be on the safer side?
Change of employer petition aka transfer only works when you are actively employed on H1B status with a sponsoring employer.
In your case, a new employer may file a cap-exempt petition with change of status from F1 to H1B.
If you are already on STEM OPT extension, you just need to find another job/employer in compliance with the OPT employment terms and submit a change of employer and training plan update via form I-983. Talk to your DSO and they can guide you or consult an immigration lawyer.
@Kalpesh_Dalwadi Thanks for responding; it was a detailed answer.
One more follow-up question regarding the cap-exempt petition with the change of status from F1 to H1B, How much time will it take to get approval from USCIS for the cap-exempt petition any idea on this? Does USCIS support premium processing for cap-exempt petitions?
Many thanks for considering my request. 
Your employer can opt for premium processing which takes 15 working days.