Ask your PT what you *can* do. Maybe s/he will say you can ride, but just slower/less hills. Or walk/swim/do yoga.
Sorry about the layoff. My son is about your age and is looking for a new job. He is still working, but his pay was reduced by 20%... he has had some success with postings on Craig's List; he got one interview. Sharpen your resume and put it up on Monster and LInked In. My son got an unsolicited call from a company just like the one he works at now, but bigger and more stable, and he is setting up an interview with them today.
He also met with the career services people at his university and contacted some people through the alumni association, who gave him very good advice, as well as meeting with a headhunter who helped him with his resume (the guy was a friend of my husband's). There are jobs out there!