payout will be in April's paycheck. I was a little surprised about the difference on when the accrual stops (mid Jan) and when balance will be paid out - in April. Laying off people before April payout explains some of this difference (maybe all?).
Presumably they still need to make the payout because it's an accrued employee benefit on the books. Not doing so would be illegal--at least in a lot of places.
This scenario is specifically listed in the FAQ. Anyone who leaves or is terminated between now and April will still receive the vacation payout.