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This article draws on literature on nonprofit resilience to hazards to explore the impact of federal Paycheck Protection Program (PPP) loans on nonprofits' staffing, services, and financial health during the COVID-19 pandemic's first year. Through propensity score matching with survey data collected in spring 2020 and winter 2021 from the New Orleans area, linked to publicly available PPP data, nonprofits that did and did not receive a PPP loan were matched on covariates representing critical resilience capacities pre-pandemic, allowing calculation of effect sizes for short-term outcomes. Results suggest that PPP tentatively supported nonprofit liquidity in the form of reserves, but had at best mixed results in promoting service maintenance, and did not support hiring or staff retention in excess of the non-treatment group. Despite the small sample size, these preliminary findings inform how PPP may have supported short-term sustainability and help guide future federal policy to support nonprofits during crises. [ABSTRACT FROM AUTHOR]