Layoffs and H-1B to H-4 Conversion

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If an H-1B spouse is laid off, can they convert to H-4 while searching for a job and then switch back to H-1B once they find a new employer? 

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FAQ Transcript

If the H-1B petition is received by the government within the 60-day grace period, the spouse can not only switch back but can start working immediately upon the receipt of the filing.