President Trump’s campaign leads presumptive Democratic nominee Joe Biden in fundraising for July, but the incumbent no longer enjoys a massive financial advantage in the race. 

The Trump campaign and allied groups brought in $165 million in July, while Biden took in $140 million during that period, according to statements made by both campaigns. Yet, the fundraising gap has narrowed, with Trump having $300 million in cash-on-hand compared to Biden’s $294 million.

The Trump campaign has focused on ad buys in early voting states such as North Carolina, Georgia, Florida, and Arizona. The Biden campaign is planning $280 million in digital and TV ads in the fall, targeting 15 battleground states.

The coronavirus has influenced how the two campaigns spend.

In April, Biden’s campaign spent $12.9 million, while Trump’s spent $7.7 million. The $20.6 million total was well under the roughly $34 million spent in April 2016 by Trump and Hillary Clinton.

Politico noted in June that prior to nationwide shutdowns, "Biden's campaign spent over $1.3 million on air travel, car rentals and lodging." The Financial Times reported in July that due to limits in public appearances, the Trump campaign spent far more on advertising in 2020 than it did at the same stage of 2016.

Biden has mostly done virtual campaigning, while Trump's major campaign appearance drew a poor turnout in Tulsa, Oklahoma.

Both Democrats and Republicans are set to hold their conventions later this month, with Biden expected to soon pick a vice presidential running mate. Recent polls show Biden with a strong lead over Trump, as the incumbent faces criticism due to his handling of the ongoing COVID-19 pandemic.