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. The emphasis of this note is mainly on what is new with respect to VfM for social protection in the COVID-19 context. As such, this note assumes some familiarity with value for money concepts as they relate to social protection and cash.