I am in total shock. This article from CNBC perfectly explains what's going on: https://www.cnbc.com/2020/04/07/airbnb-guests-complain-its-hard-to-get-coronavirus-refunds.html
In short, if a guest cancels with the COVID Ext. Circumstances policy, not only do hosts lose the money (unless the 25% "assistance" applies), but AirBnb is not really giving the money back to the guests easily! They have to prove that they can't travel because of some form of travel restriction, which many can't actually do because they are cancelling out of an abundance of caution.
This is insane... So Airbnb holds onto the money that they took from us, and many guests aren't really getting it back either?! That is some shady stuff, if you ask me... Wow, just wow.