If the typo is minor, it can be accepted and corrected later with an edit to the live Wayspot. If it is major, it should be rejected. You will have to decide that for each case. Here is a topic where this was discussed, starting with a link to a message from staff:
I have no idea how often a sponsorship is updated. I have not seen any go live that weren’t in the initial rollout of a sponsorship myself. And there is nothing we can do as Wayfarers to get them added. They may be submitted as Wayspots, or something on the premises, if they meet any of the acceptance criteria, which these sponsored locations rarely do.
Welcome to the forum! Glad you are here =)