Going through the motions of a PIP is a pain if you're management. If someone gets PIP'ed then a decent manager already exhausted all other avenues to get a team member to start contributing at the expected level and the PIP is just to provide cover.
You don't PIP a lower performing staff unless they're completely useless or toxic to the environment, you just find tasks that suit them better. At least in my experience managing staff.
Wouldn't we all love an extra $20K! In your scenario the cycle will likely repeat no matter how much money is injected into their life, and then what, throw another $20K at them? I've sadly had to watch this happen a few times with family and friends and the truth is they can not be helped until they stop externalizing their problems and take ownership. It's an ugly truth that makes me uncomfortable writing because there's a fair bit of suffering on that path.
The lack of funds is typically a symptom of one or more underlying issues and not the root cause of being poor. How would throwing money at a symptom solve the problem?
Friend circles have generally been primarily driven by proximity, with school & work being the main environments. Take away the forced socializing of work and all of sudden you have late 20s people with few or no friends since drifting away from most school friendships.
The pandemic taught me that absent forced social interactions such as work meetings, water cooler chat, etc... it takes deliberate actions to maintain social relationships, more so the secondary relationships. It's just too easy to dive into our work all day without speaking to anyone not in our direct line of reporting.