It could take as long as 11 weeks to process after you've mailed your W-7 form (ITIN application or renewal). That's on top of how long it might take you to gather the required documents to include with your W-7.
The sooner you renew your ITIN the better.
This applies to your spouse and any dependents listed on your return as well. If they're required to renew their ITINs, they should do so as soon as possible.
Please be aware that taxpayers with ITINs are not eligible to receive stimulus payments unless they're filing a joint return, one spouse has a Social Security number, and at least one spouse was in the U.S. military during the tax year.