Google basically hands out 100k in credits to any startup. It’s spending insane amounts of money to gain market share. But since all three clouds are doing it, the net effect is really just that software companies are getting subsidized.
* Free support and consulting (probably useful for some less technical companies)
* Free or discounted resources for POCs (ie: "This customer wants to do a 3 month POC, we're going to spend literally 0 dollars on that infrastructure")
* Other misc stuff depending on the org
Last I saw they definitely do not take equity.
You do however have to be qualified by applying through a partner as you say.
Source: received it. Not in a VC/incubator.