That appears to be a simple administrative update. If you do it online, usually it's done and issued electronically within 2 days, sometimes within 1. It does take a few days for the actual printout and license to be mailed to you.
Minor clarification: The actual license
is the database entry in the ULS, which happens when the app is processed electronically. The printout that is mailed is just a paper confirmation of what is in the database, and should not be considered the license. Years ago the paper copy was
the license, but that was changed when the ULS came on-line.