Submitted Application now Laid-Off

Hello Everyone,

So I am in an unusual circumstance. I recently applied to business school and had my interview a few weeks ago. However I was also recently laid off due to company restructuring. Although I tried to work with my company to extend my position through the end of the year, as I informed them that I may return to business school in less than a year, they were unable to offer me this opportunity. This decision was unrelated to performance, and was purely due to business demand issues. If I am admitted then they are looking at bringing me back as a consultant on a short term basis. I have also secured a pre-MBA internship in the event I am admitted, which will prevent a gap in my resume, and provide me valuable experience in my area of professional interest. The complexity is that I am literally waiting to receive a decision from the business school any day (I have confirmed this with them). I informed the school that I have a pre-MBA internship lined up which is in my industry of choice. Do I need to tell the school that I am no longer with the company? How will this be viewed? If I don't tell them, and am admitted, then how will this be handled during the background check? I haven't lied on any part of the application or during the interview. In truth my company was looking at options to extend my until this last week so I didn't want to raise a red flag with admissions until I had the facts.

How should this be handled?

Thanks!