You can use an action to close a portable hole by taking hold of the edges of the cloth and folding it up. Folding the cloth closes the hole, and any creatures or objects within remain in the extradimensional space. No matter what's in it, the hole weighs next to nothing.
If the hole is folded up, a creature within the hole's extradimensional space can use an action to make a DC 10 Strength check. On a successful check, the creature forces its way out and appears within 5 feet of the portable hole or the creature carrying it. A breathing creature within a closed portable hole can survive for up to 10 minutes, after which time it begins to suffocate.