"As part of the feed broadcast application process, it is extremely important that you provide as much detail as possible about your feed in your audio feed application in the applicable entry fields. Otherwise, you risk having your application rejected and deleted."
Mine was approved in a matter of hours. It depends entirely on the information which you provide. The application must be complete (which systems, frequencies, talk groups, etc, that you wish to stream) and properly presented (correct spelling and grammar). If your application is incomplete, they will not contact you for more information, they will just reject your application.