Boston Mayor Thomas Menino made the announcement regarding the One Fund Boston, jointly set up by himself and Massachusetts Governor Deval Patrick, at a news conference in Boston, according to a report by The Boston Herald.
"Boston is strong and made stronger by the outpouring of support," said the mayor, noting that 5 million of the money came from over 50,000 individual donors contributing online at onefundboston.org, and 15 million from more than 60 corporate donors.
Dozens of companies have invited employees and customers to give as well, he added.
Menino said that the response has been "more than I could have ever imagined."
Kenneth Feinberg, who will lead the process of distributing the money raised for the Marathon bombing victims, said that a draft protocol is expected to be distributed during the week of May 6, with two town hall meetings scheduled to provide feedback on what to do with the One Fund Boston.
He added that the money in the fund was meant to compensate victims for physical injury and not to cover property damage to businesses or buildings.
The twin blasts near the finish line of the 2013 Boston Marathon on April 15 left three people dead and over 180 injured.