This item has been updated and reposted with additional information. Independent Public Media this week unveiled a new program to provide bridge funding to financially troubled pubTV stations. The loans will help them stay on-the-air through the FCC’s incentive spectrum auction, and require a pay out from auction proceeds. IPM designed the loan program to assist noncommercial broadcasters until they can sell off some, but not all, of their spectrum bandwidth through the FCC auction, and assumed that stations will gain a big pay-off by participating. Once auction proceeds begin rolling in, IPM will recover the costs of auction expenses and then principal and interest on its loan.