If you are taking an established sponge filled with bacteria from an active tank and adding it to a new uncycled tank you should add new fish as soon as possible, even at the same time. Just make sure the water is fresh, dechlorinated and up to temp and all other params, acclimate the new fish slowly to the new water and enjoy.
If you wait too long the bacteria on the sponge will start to die off as it lacks a food source, within 24 hours most will probably be dead. But I would suggest adding small amounts of fish at a time and not a full stocking load. The sponge will have lots of bacteria but the rest of the tank will have none and there could be aa ammonia spike. Add a few fish to the tank right away. Wait at least a week, testing for ammonia and nitrite spikes (do water changes if needed) and if there is no ammonia showing up you can add a few more fish. Doing it slowly will help to eliminate any harmful spikes and those you do get will be small and easy to deal with.