Not a lawyer, but to any fellow H1B's who are concerned about being laid off, and facing the near-impossible task of leaving the US on short notice during a worldwide lockdown: a 2017 law provides a 60-day grace period for "those whose employment ceases prior to the end of the petition validity period". Ie. if there is time left on your I-94, you should have 60-day grace period where you will remain in-status while you look for another job.

Here is the full document: https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-2... (search for "60-day nonimmigrant").

Note that during these 60-days you can then file for a change of status, and then you will still remain in-status while that request is pending (the change you file must be "non-frivolous" though!).

If you follow this route and try to change status, USCIS has the right to revoke the grace period retroactively (in cases of abuse, for example). Documentation that you were actively seeking new employment should help avoid this.

Anyway, concerned people should certainly speak to an immigration attorney (again, I am not a lawyer), but it is comforting to know that most likely we have 60 days to get our affairs in order...