The process looks quite complicated and time consuming. I wonder how many FOSS projects will enroll. The criteria is alright but doesn't mention anything about library maintainers.

In the end, it's money so I get why it has to be so long form and time consuming but I think a lot of really good projects will either not take the time to enroll or give up in the middle.

In my opinion, such a fund should be set up for both big projects with orgs behind them and small projects with only a few people. Otherwise, it doesn't actually benefit or encourage anyone. Of course, the amount of funding could be relative to the size and impact but everyone should be encouraged to enroll. That way OSS can become a truly sustainable system.