H4 & H1B extension

[Mandeep01]

 I am on my 6th yr of H1 due to expire dec 15.  my company will be able to apply for PERM only in jan 16 due to a recent reduction in force.  Can I convert to H4 from Jan16 to untill after my PERM is approved and continue to work for my employer on my current H1? else how can I continue to work.  My wife doesn't have her I-140 approved

[jairichi]

An approved PERM does not give you H1B extensions. Only an approved I-140 does.

[Mandeep01]

I meant Approved I-140.  After my PERM is approved, I can use premium processing to get my I-140 approved.  So,  Can I convert to H4 from Jan 16 to untill after my I-140 is approved and continue to work for my employer on my current H1 once I get the approval?   Does it matter that I would have used all 6 years of my H1B before my PERM is applied?  Please let me know.  Thank you, 

[jairichi]

I meant Approved I-140.  After my PERM is approved, I can use premium processing to get my I-140 approved.  So,  Can I convert to H4 from Jan 16 to untill after my I-140 is approved and continue to work for my employer on my current H1 once I get the approval?   Does it matter that I would have used all 6 years of my H1B before my PERM is applied?  Please let me know.  Thank you, 

Have a few days or couple of weeks to recapture to file a cap exempt H1B petition based on approved I-140.