Since 2020, the federal government has distributed almost $2 billion to American school districts to mitigate the effects of COVID-19 pandemic school closures. Released in three separate tranches through the Elementary and Secondary School Emergency Relief (ESSER) fund, the Trump and Biden administrations outlined parameters for spending this unprecedented amount of money and ensured that most of it went directly to local school districts, with a comparative sliver going to state education agencies. This report gives an overview of the most common ESSER expenditures to date and assesses the factors that might influence whether district ESSER investments will make a difference for students. It also provides recommendations for how stakeholders should evaluate the ESSER experiment once it officially ends.