The One Fund Boston said in a written statement the payments would begin going out June 30 and would cover 100 percent of the money raised as of June 26.
"No amount of money can replace what has been lost," One Fund Boston Administrator Kenneth Feinberg said, "But (the tragedy) was made lighter by the unprecedented generosity of Bostonians, of Americans, and of people around the world."
The One Fund Boston was established by Mayor Tom Menino and Massachusetts Gov. Deval Patrick to collect donations to assist the families of the three people killed and 264 who were hurt April 15.
The payments were divided up under a formula in which those affected the most received the most money, CNN said. Six people in the highest category qualified for $2.19 million each.
The lowest category included 143 people, who had the least-serious injuries and were treated and released at the emergency room. They received $8,000 each.