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In simple random sampling every individual has an equal chance k/N of selection. When the sample is a large fraction of the population the finite population correction √((N−k)/(N−1)) shrinks the margin of error.
Margin of error
E = z·√(0.25/n)·√((N − n)/(N − 1))
The uncorrected margin is 6.93%, and the correction factor 0.9800 brings it to about 6.79%.
When the sample is under about 5% of the population; then the factor is above 0.975 and barely matters.