WASHINGTON—A small-business loan program at the center of a standoff between congressional Democrats and Republicans aligned with the White House is expected to run out of money later Wednesday, according to a person familiar with the fund.

Negotiations between Congress and the White House resumed Wednesday over replenishing the small-business loan program designed to support businesses hit by the coronavirus pandemic. The program was on track to exhaust its initial allocation of $350 billion later in the day. As of Wednesday…

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