COVID-19 may have a wide range of adverse implications such as falling consumer demand, supply chain disruptions, and heightened risks in financial markets. The economic downturn may result in many companies within a multinational group having lower cash flows, so other group members may decide to lend to them or to revise the terms of their existing loans and help them ride out the crisis. This article explores key transfer pricing issues and risks associated with intragroup financial transactions, which are especially topical in the present emergency situation.