It hasn’t been issued yet, so no way to know for sure but the rumor is that no one will be able to enter (including re-enter) if they fall under the executive order but those in the country in status will not be immediately impacted.
i don’t know how this suspension would work but the H1B is held in April. I would assume most people have had their visa processed by now but it’s possible i’m just if ignorant.
Regarding suspending H1Bs here is some not so breaking news: people on those visas are targeting jobs where no qualified people exist to fill them. Those people, by coming to the US create real value and increase the economic output of the US. They are also, in general, really smart people that fuel innovation. If you kill innovation the US is done.
Many/most such people are in the US and already working under something called OPT. They have a timeline where they can work under OPT, and they need to get a conversion to H1-B status before their OPT expires.
So if they were approved in April, and the OPT doesn't expire before October, they can keep working and simply switch to H1-B status in October.
Not sure I'm following. I know about Oct and that people overseas who got H1-B this year won't be able to enter. But many who got H1-B this year are already in the US (working on OPT, L1, etc) so they don't need to enter the country, they are just changing their visa status.