I cancelled today. I got my tpu's back, and a credit good until September -booked by September I don't remember the exact day. The points or tpu's returned would not get an extension and could expire earlier if they would have. This was a reservation with a guest cert and they gave me credit for the guest cert.
Here's what I got as an answer from RCI:
Happened to me: first RCI sent me an email telling me the 2 resorts were closed and my exchanges were cancelled. They weren't cancelled in my RCI acct, so I called and was told I had to cancel the exchanges myself. I didn't, hoping to extend the date of re-exchange another month, but at end of month RCI cancelled for me. I got my TPU's back and I received an exchange credit. I had purchased the trade power protection and was told they'd refunded that amount to my credit card. But so far they haven't refunded the trade power insurance, and I'll probably have to call and follow up eventually on that part of it.
Also check if you have it as a credit with RCI. You may have to make a pretend reservation and then see what it shows you as available funds to pay. I had an exchange with a guest cert. The exchange fee was refunded as a coupon (with expiration date although it isn't listed) and an account credit (no expiration date) for the guest cert. The account credit can be used for anything including membership and points extensions while the coupon can only be used for exchange.
I hope so, although I suspect any extension will depend on reopening dates for resorts. If all or most reopen by June 1, RCI is probably less likely to extend that offer.
