Layoff notice, what does the 60 days mean?, retail manager here

I received a formal notice about a mass layoff at my workplace. I do not know if I should start looking now or wait for severance news. Has anyone been through this?

Thanks for writing this out. I went through something close to it 12 months ago, and it got easier once I kept a simple log of every call and form.

Write down key dates and keep copies of the notice. Mine helped when a question came up later.