Importance of applying early?

I just wanted to get clarification on the idea that applying early to the HPSP scholarships will help your chances at receiving the scholarship. When people say that, do they mean get it in early for the first board because that is when there are the most scholarships and therefore your chances are better than if you were to wait a month afterward? Or do they mean as early as possible because that means, when the board comes, they will see yours first. For example, if someone were to finish... Importance of applying early?
Source: Student Doctor Network - Category: Universities & Medical Training Authors: Source Type: forums