In early February I was advised by Justfly that my trip to BKK had been cancelled by Air China because of Covid. Shortly afterward I was told that my refund had been processed but would take 8 to 12 weeks to show up on my credit card account. That seems weird. Has anyone else here had a similar problem? I'm worried that Justfly is "going under".

Airlines have not been refunding fares very fast at all - there are thousands of travelers stranded all over the world who have had multiple paid flights canceled and still awaiting refunds so they can purchase another ticket.  Airlines have little or no income currently so try hard to not refund but to provide vouchers rather than cash.  Have no idea if your provider had paid airline or not but the whole industry is a mess currently.  That said believe long delay is the norm for cash refunds.  If a credit card account you should be protected - just save all coorspondence.  

36 minutes ago, lopburi3 said:

Airlines have little or no income currently so try hard to not refund but to provide vouchers rather than cash.

AirAsia can't even manage a voucher after 5 weeks.

Expedia cancelled my flights on March 25, the day I was due to fly. When I phoned them to cancel they said no problem as the airline had also cancelled those flights, 30 day wait for refund. Checked yesterday and the refund has been applied.

airlines have massive costs

hence little cash