The issue can be how we are using the word "salvation", because are we talking about part of God's work of saving us--e.g. the reception of faith? Or are we talking about the whole thing? Because salvation is a very multi-faceted thing. It's why theologians have spoken about things such as the Ordo Salutis ("order of salvation") and have spoken about discrete concepts such as justification, sanctification/theosis, and glorification.
I have a suspicion that when many Protestants are talking about salvation they are talking about justification more specifically. And specifically within the more Reformed understanding of justification (as opposed to the Lutheran or Catholic views). Thus justification is understood as a singular and instantaneous moment,
In Lutheranism we speak of justification doubly as the objective work of Christ accomplished on the cross, which is universal; and we speak of the way we benefit from His once-and-finished work through faith which God creates in us. Thus justification becomes understood as an ever-present reality; not a process, but neither a singular moment in time. We are justified because God declares us just, God declare us just on Christ's account because of what He has done, and through faith the righteousness of Christ is imputed to us: that is an ever-present truth. God is declaring us just even right now, thus we can point to the external word of God in Word and Sacrament--to our baptism, to our hearing the Gospel, to the Lord's Supper, to Confession and Absolution--and say here God is declaring us just on Christ's account, we are justified on Christ's account alone, as grace alone, and through faith alone.
As per Lutheran thinking, sanctification and our future glorification all depend on justification; and thus our salvation is to be said to be entirely by the grace of God alone through faith. That salvation is God's gift and work, it is what He is always giving, always working by His grace. We are being saved because God is always at work giving us salvation as pure gift--as grace alone. And we are always the passive recipients of His grace and work, through the gift of faith alone. Thus salvation by grace alone through faith alone as the Evangelical Reformers understood it.
-CryptoLutheran