WASHINGTON—Senate Majority Leader Mitch McConnell (R., Ky.) said he would aim to approve more funding this week for a small-business loan program that Congress created last month to help firms hit by the coronavirus pandemic.

In a statement, Mr. McConnell said the $350 billion loan program would soon need more funds because of the huge demand for the federal assistance. He said he would work with Senate Minority Leader Chuck Schumer (D., N.Y.) and the Trump administration to approve the funding this week. With lawmakers out…

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