Being laid off before MBA interviews

Hi everyone,

I moved to a remote location in America (think Boise / Des Moines) to work in Corp Dev and even though I like my job, living here has made me depressed and affected my work performance somewhat. I don't screw it up, produced output is fine, but managers can tell I'm not 100% devotional to the job and show unhappiness in life in general. Plus I have always wanted to get an MBA and now is the time to do it.

At the end of Oct, my boss told me he'd give me 3 months to find a new job, and my last day will be Jan 31, 2019. Because MBA is my priority (looking for a new job in a new location takes 3-6 months and huge time investment), I won't have enough capacity to find a new job. Boss agreed to give good recommendations, and based on my past interactions with my target schools, as long as I don't F up a part of my application I'd get a pretty good shot to be interviewed in Feb for R2.

My question is: Once my employment is terminated, will I have to notify the schools and my interviewers? I'm planning to move to a heavily gentrifying city to help a friend who is building a hotel / entertainment space and wants me to work with him on the finance/operational aspects of it, and travelling extensively. After my depressive years working in this location, I want to take a break from corporate life for a bit.

And is it a good idea, if I voluntarily spin this unfortunate event into a good story? Post MBA I want to transition to the hospitality / lifestyle / entertainment industry and the work for my friend will be a strong case for it.

I appreciate any advice you may have.