Feinberg, who is serving as special master for the Aurora Victim Relief Fund, says those victims will get 70 percent of the money, or about $200,000 each, based on current donations.
The rest will go to people who suffered physical injuries, based on the number of days they were hospitalized.
Feinberg says due to limited funds, victims who did not require overnight hospitalization and claims for mental trauma will not be compensated. Free counseling is still available.
"We are extremely grateful to Ken Feinberg for his service to victims and their families and to the state of Colorado," Gov. John Hickenlooper said in a statement. "He has proven once again why he is the nation's leading expert in handling these kinds of matters. Those most impacted by the theater shooting are best served by a speedy and fair distribution of the Aurora Victim Relief Fund and Ken is delivering as promised."
The current fund balance is $4,961,739. Monday is the last day donations can be made through Community First Foundation's givingfirst.org website. But money can still be donated to the fund until Nov. 15 by sending a check to the Aurora Victim Relief Fund at the Governor's Office, 136 State Capitol, Denver, CO 80203.
Victims and their families also received claim instructions Monday. They have until Nov. 1 to submit the claims.
Feinberg will make final payment determinations and money will be disbursed after Nov. 15. An independent audit of the fund will commence immediately after the final distribution.
The payment protocols were developed after gathering input at two public meetings and reviewing feedback previously collected from three victim meetings and a victim survey conducted by the 7/20 Recovery Committee.
Click here for a detailed explanation of the payment protocols and the claim forms.
Former University of Colorado-Denver graduate student James Holmes is charged with the attack during a Batman movie.
(KUSA-TV © 2012 Multimedia Holdings Corporation with The Associated Press)