Sorry to hear about your layoff. I think the U.P./Wisc. gets hit a little later than everyone else, don't you? We have been worrying about my DH's job- but so far, so good for us. He doesn't get any overtime anymore, but the upside to that is that we see him a lot more. We have done a lot of fishing with our kids (virtually free entertainment) already this spring- more than we did all summer last year. So there are silver linings.
I agree with everyone who said now you can quilt more! YAY! And there are ways to get fabric cheaper- I have been finding lots at Goodwill. Hopefully this will work out for you- being able to see the grandkids will be awesome!