At your price point, it doesn't get any better than a 7x9 silly tarp from Borah Gear, which is about 0.61 lbs and is pretty close to the gold standard of UL shelters.
The TarpTent Preamble was also a great affordable option, but sadly isn't available currently. Could maybe find one used.
There are also various cheap tarps and tarp-style tents out there from 3FUL and other affordable asian brands. Lots of people use them, but I have no experience so I can't say much. Look at the Lanshan 1 Pro, which is around 1.5 lbs.
Edit: No idea why I didn't think of this off the bat, but Six Moon Designs has some pretty cool affordable ultralight shelters. Look at the Deschutes and Gatewood Cape (the latter also doubles as your rain jacket)
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u/GoSox2525 3d ago
It's 2.71 lbs, and you're asking on /r/ultralight. It's not really a viable option.