Is there a "grace period" or is an immediate deportation? (Obviously, I have not personally dealt with these issues so any information is greatly appreciated.)
Apparently, there is a process to qualify for a grace period (if the loss of employment can be anticipated in advance) but if a H1B worker is terminated, they face immediate deportation under the law.
Employing someone via H1-B means the individual faces deportation in addition to losing their "great job."
In my not so humble opinion, the H1-B program is a way for the industry to suppress wages for all potential hires.