Yes, exactly.

The grants start out small (I think the first one was $3k) -- but then once you spend 75% of them you can apply for the next round, which for me they gave me $17k out of a possible $30k based on previous usage. After I spent around $15k for that over the next year I applied again and got $100k.

Just one note though that I already had an MVP that I was running on GCP at the time I applied (but I was within the $300 free credits that I started with so I didn't pay out of pocket).