Mediator Kenneth Feinberg said those particular victims will receive about $200,000 each of the $5 million raised. The rest will go to those who suffered physical injuries based on the number of days they spent in the hospital.
"We want the money to go to eligible claimants without restriction before Thanksgiving," Feinberg said.
Feinberg also added that due to limited funds, money will not be disbursed to people who did not require overnight hospitalization or to people claiming mental trauma.
Feinberg became a mediator in the case after the families of 10 people killed and at least a dozen of those wounded called for an independent arbitrator to oversee distribution of the donations. The families said they became frustrated by an initial plan that would have excluded them from receiving funds. They were also wary of a decision to give $100,000 to nonprofit organizations instead of the families.
Rich Audsley, special adviser to the 7/20 committee appointed by Gov. John Hickenlooper to oversee the distribution, said the $100,000 was given to nonprofit organizations because of conditions set by the donors. He promised a full, independent audit after the money is distributed.
He said organizations will seek a government grant to pay for any mental health treatment that is needed.
Former University of Colorado-Denver graduate student James Holmes has been charged in the attack during the midnight showing of "The Dark Knight Rises" on July 20. The shooting left 12 people dead and 58 injured.
The Associated Press contributed to this report.