NIH distributed $10 billion of ARRA research funds among Principal Investigators (PIs) in 2009-2010. We studied how well the program achieved the goal of creating and retaining jobs. To analyze the distribution of ARRA funding among PIs, they were categorized in two ways: One was based on their history of research funding; the other on the type of funding, ARRA and non-ARRA, each received in 2009 and 2010. These classifications provide insights into who received ARRA funding and how many research PI jobs were created or retained. We found that the majority of ARRA award recipients already had grants and that new and retained PIs received relatively small shares of ARRA funds. Of 13,000 PIs, only 3,000 were created or retained, while the other 10,000 received additional funding. However, ARRA was more efficient in creating PIs than the comparable budget doubling period. But, the PI job effect did not last.