L1A to H4 Change of Status with GC Consideration

[mm8081]

Hi,

Some Facts:

I currently have L1A visa and my current petition is expiring in the month of 20 Oct 2020.

My I94 is valid until 3 Jan 2021. 

My 7 years are maxing out in 14 Feb 2021.

My Spouse has a valid H1B valid until Sep 2022.

Company is ready to file my extension as well to capture the remaining months until 14 Feb 2021. This will be my 3rd extension.

 

The Situation:

My company is in the process of filing my Green Card in the EB1 category. Given the time remaining, I am only hoping that I'll have an approved I-140 by 20 Oct 2020. Now, in case of any delays, I have to stop working from 21 Oct 2020 on wards. But, I can legally stay until 3 Jan 2021 with the valid I94.

Given the covid situation, I don't want to take chances with filing an extension and would like to change my status to H4 and file H4 EAD concurrently starting from 21 Oct 2020.

 

Queries:

1. Once company files my I-140, can I still change my status to H4, even before I receive approved I-140? What happens if I dont receive approved I-140 by 20 Oct 2020.

2. Assuming, I receive approved I-140 prior to 20 Oct 2020, and file for COS to H4 from 21 Oct 2020,

In the I-140 application, should I choose AOS (as I can be on H4) OR opt for Consular processing, given the priority dates for EB1 are still in 2017?

 

Appreciate your inputs.