HELP! - On L-1B visa and have been terminated. What are my options?

I'm sorry to hear you're in this situation - although many people find themselves in the same place right now, I know that not being alone in this doesn't make things any easier. You need to speak with a lawyer about your own unique situation and background to determine what options might be available to you. I'll provide what general information I can here. I'll start with the last question: regardless of when your I-94 expires, status on a nonimmigrant visas which permits employment, such as the L-1, is ties to that employment - so you will technically be out of status as soon as you stop working for the sponsoring employer company at the end of March. This said, USCIS will normally accept a pay statement dated within the last 30 days before a filing as evidence of maintenance of status for the purposes of a request to change status to some other nonimmigrant category which is IMMEDIATELY AVAILABLE (that's sort of the catch with H-1Bs). As you correctly note, for a new H-1B subject to the H-1B cap an employer would need to file in the first week of April for the chance of having its petition selected in a random lottery to receive an available H-1B. If the petition IS selected and approved, it wouldn't start right away - the start date of the H-1B validity period could not be until October 1. Unless there was some other status you could change to in the short term, you wouldn't be able to change status here and would likely need to wait abroad to return when the H-1B starts (switching to an interim nonimmigrant status would very very tricky, and most might permit you to remain in the U.,S. but not work). Remember as well that for any of this to work, you would need to find a position that requires at least a Bachelor's degree or the equivalent, and you must have at least a Bachelor's degree or the equivalent in a relevant field (even though there was no degree requirement for the L-1B you were previously on). You don't HAVE to find an H-1B sponsor unless you are absolutely set on the H-1B route. You might have other visa options available to you, and should consult with a qualified immigration attorney, bringing a complete, current and thorough copy of your resume.