Dear JonPaulsen123,
I'm sorry to hear you have been let go, but hope you got a decent package to get you through until starting business school in the fall. If you are looking for something to do in the meantime, this is a great opportunity for you to take a 6 month contract/internship opportunity with a nonprofit or small business in another industry, perhaps gain some experience relevant to what you want to do post-MBA. Many companies also hire more temporary/contract workers during economic downturns, so listing with an agency might land you in an assignment quickly.
With regards to your question, I don't think it is necessary to send updates to the schools you applied to at this point. When you interview, then I think you should let them know that is the case and be prepared to talk about your plans between now and the fall (see paragraph above). Be sure to have an updated resume with you, even if it is just an end date on the job. Most likely, the interviewer will then notify the admissions office of your employment situation. However, I think it is also an opportunity for you to contact the admissions office at that point as well with the update. Similarly, if you are have not received an interview invitation from a school after six weeks of submitting the application, then providing an update of your employment situation is a great way to also ask nicely about an interview invitation.
Good luck,
Lisa
