H1B extension decision pending and almost nearing 240 days


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Hello,

Below is my current visa situation.
My H1B and I-94 expired on October 10 2018.
I got a job offer with a new client, so i changed my Client(with same employer) and filed amendment in Jan 2019.
Got RFE for the extension in March 2019
Responded to RFE in May 2019

It is almost 240 days that my I94/visa is expired.

My Questions:
Am i allowed to work beyond 240 days ?
If no, is there a way i can still continue my employment and maintain a legal status ?
I was planning on doing MBA and taking CPT as the other option, but if a CPT I20 is generated with a Sevis number on my name, will it in any way affect my H1 Visa status/ H1B Descision that is pending ?
Also i read it online that we can continue to work if we file H1B extension plus amendment together, is that true?
Any other options i can consider ?

Thank you in advance.

Regards,
Karthik.
 

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