If your channel was eligible and applied before June 1st, your application has been reviewed and you'll be receiving a Creator Studio update and email over the next few days. Here's more info: https://goo.gl/2icqfh . Appreciate your patience in the meantime.
Now that the backlog is cleared, we’ll be reviewing applications much more quickly. So long as you meet the eligibility and program thresholds, you can expect to hear back in a month or so. Note: all applications are still manually reviewed, so it does take a bit of time!