| The H1B visa filing day of April 1, 2009, for the H1B visa | | | | services companies may also have to follow suit. |
| fiscal year 2010 (October 1, 2009, start date) is quickly | | | | Taking the above into consideration, many immigration |
| approaching and many people are attempting to | | | | practitioners are seeing a sharp decline in the interest in |
| predict how quickly the cap will be filled up. The | | | | the H1B visa this year by potential employers and |
| obvious issue at play in making this year more difficult | | | | workers. Some are saying that the downturn in H1B |
| to predict than in prior years, is the economic situation | | | | applications this year could be as much as 50%-80%, |
| in the United States. | | | | while others see only a 30% decline. As a result of this |
| The economic situation in the United States has | | | | decline, there are predictions that the quota will not be |
| caused a significant downturn in employment, which in | | | | reached within the first few days of April this year. |
| turn impacts the available options for foreign nationals | | | | Rather, many suspect that the bachelor's quota won't |
| who are seeking to secure an H1B visa with a willing | | | | be reached until the middle of April and that the |
| and able petitioning employer. In addition, the financial | | | | master's quota won't be reached until late April. |
| services' companies have been hit hard not just from | | | | From an immigration practitioner's point of view this is |
| a financial standpoint, but also from a hiring standpoint | | | | obviously disappointing, as it translates to less work. |
| as it relates to their ability to hire H1B candidates. As a | | | | From a foreign worker's perspective who has an H1B |
| result of the stimulus bill, financial institutions who have | | | | position lined up, this presents somewhat of an |
| received bailout funds have been subject to hiring | | | | opportunity that hopefully his or her odds of obtaining |
| limitations in connection with H1B workers. More | | | | the H1B visa will be better this year compared to last |
| specifically , the bill subjects the financial institutions who | | | | year. From a foreign worker's perspective who |
| are the recipients of bailout funds to the rules of being | | | | doesn't yet have a position lined up, you may have a |
| a dependent H1B employer, which means that before | | | | bit more time to find a job than in prior years. However, |
| hiring a foreign H1B worker they must determine that a | | | | this extra time is not a sure thing and may only amount |
| U.S. worker is not available for the job. This has | | | | to a week or two. |
| essentially barred financial institutions from hiring H1B | | | | In conclusion, the H1B visa filing program this year will |
| workers. In fact, the recent changes made it | | | | most likely play out a bit differently than it has in years |
| necessary for Bank of America to rescind job offers | | | | past. It will impact all of us involved and will no doubt be |
| made to prospective H1B workers. Other financial | | | | interesting to watch as it unfolds in April. |