So here's two related questions I have:
1. Is this an entire Internet sort of spying, or is just for Americans who use the Internet?
2. If someone in another country is using a VPN based in the USA, will the government be able to spy on their activity?
1. The thing about the internet is that it's basically impossible to actually discern where internet traffic really comes from and where its intended final destination is. So instead of investing precious time and resources into using any number of flawed methods of finding out where traffic comes from and tracking it based on that, they'll spy on anything that they can get their hands on, including foreign traffic.
2. Depends on a bunch of factors. First and foremost, is the VPN you're using sending all that information directly to the government? Because with this bill, unless they're extremely diligent with their legal team, they'll have to. And if they are, then it's absolutely no different from not using one at all, save your IP address being different.
Second, are you using encryption? Because if not, the government can just take your data anyways. The data has to get to you somehow, and if all the lines going to you are tapped (quite likely) then you need to be using strong encryption to protect that data.
If you can find a VPN that has both of these qualities, then chances are much much higher that your information is secure.