While the value for money (VfM) of social protection and cash transfers is already well established, and existing guidance already plentiful, the COVID-19 context raises some particular issues from a VfM perspective. This short note addresses these issues and is aimed at economists, social protection and humanitarian specialists within development partner organisations, as well as policy-makers in government – anyone tasked with designing social protection responses and assessing different options, whether in concept notes, business cases, or budget submissions.