The impact of the COVID pandemic on student learning continues to provoke expressions of deep concern. In this paper, we use ERB test data to compare the impact on student learning from the initial closure of schools in March 2020 versus the impact on learning from the most recently concluded 2021-22 school year. The initial impact on student learning due to school closures in March 2020 was significant, ranging from 30% to 50% in the rate of student learning growth on different CTP subtests. By end of the 2021-22 school year, however, overall student growth rates on CTP subject tests exceeded pre-COVID rates. Students in the lowest quartile of performance remain vulnerable with lower growth rates than before COVID, while students in the highest quartile of performance actually exceeded their pre-COVID rate of learning growth.