I believe there is a 60-day grace period on H1 where you can try and get another employer to transfer your current (terminated) H1 to them or get a new H1 - before you would have to leave the country. Obviously, please verify with an attorney.
as per the law there is not grace period but if you have paystubs which are recent and keep in mind that the paystubs that you get for the severance paid to you will also work. So if you have recent paystubs and get a job soon in 1-2 months then you are in good shape. If you dont have recent paystubs and get a job then USCIS will approve H1B but will not give you an I94 card so you will just have to go to Canada/India get the visa stamped and come back
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