Laid Off, Next Steps?

Turns out I was laid off this week. This is a burner account - want to be kept anonymous for obvious reasons:

First job out of college was an associate buy-side gig on the East Coast (not NY, think Boston, DC, CT, etc.). I was by no means a special student (went to a non-target school) but ended up crushing the case and getting the job 3 years ago. Regardless, I was told that the team would be "downsizing" and that I would be one of the people let go. Not sure of the specific numbers as of yet, but looks to be a couple junior guys and maybe 1 more senior guy.

What should my next steps be? I wasn't contemplating taking the GMAT or going back to business school. My MD's all said they would be happy to provide references and to help me transition to a new opportunity.

How do I craft my story for recruiting? Do I tell them I was laid off?

Thanks in advance, the initial shock has kind of worn off, but just looking for ways to move forward now. First time that something like this has happened to me and unsure how to really proceed.