There is currently no way to run Linux on M1. It will be possible to run it on a virtual machine, just not yet.
It will not be possible to boot into Linux. There are no Linux drivers for the M1 SOC and there may never be.
As far I know they are already running. But is different you run a Linux for you and you make available a distribution that includes support etc.. This will take a while, there is no reason to hurry, the average Linux user won't run to a store every time there is a new technology, the hardware update follows a different rule.
Apple M1 is ARM based chip and macOS is still using the same XNU kernel, close to Linux and known. It's not a mystery. What is concerning is the attempt of Apple to block Linux distributions for Mac.
To give an example, I managed to install Linux Mint 20 Cinnamon in my old abandoned Mac mini 2007. This Mac particularly have hybrid architecture with 32bits EFI and 64bits CPU. To install a 64bits OS, a hybrid custom boot is needed, not available for mere mortals. But an app was developed to turn the original ISO image friendly to these hardwares - in a single command line! Of course to run a Linux in this new M1 hardware is by far more complex, but I would expect something from Debian for this year yet.
By the way, I have the Mini with my old but still full HD TV and it is running great. In comparison with old Lion and Windows 7 it's faster and stable, and I have access to updated software! I also have a MacBook Pro with fast SSD and fast corsair memory that struggles to run Catalina (I am now back to Mojave), so I am curious about the performance under Linux... I can understand why Apple fear these new distributions...