This paper estimates the effect of Temporary Protected Status (TPS), a temporary legalization policy, on the incomes and asset ownership of Salvadoran recipients over 20 years. We compare likely undocumented Salvadoran immigrants eligible for TPS to a control group of likely undocumented immigrants ineligible for TPS in a flexible event study design that allows us to observe growth dynamics in the policy’s effect over two decades. We find that earnings, homeownership, and the likelihood of using a car increased considerably for Salvadoran adults for at least 15 years following the granting of TPS. Our study suggests that even temporary and limited legal status can have substantial and sustained economic benefits for recipients.