Performance, Resources, Inclusion, Matters, for Equity Act or the PRIME Act This bill requires the Department of Education to award competitive grants to covered institutions for athletic programs and facilities. Covered institution refers to an institution of higher education with an endowment fund that is less than $900,000,000 and that has an athletic program with an annual operating revenue that is less than $20,000,000. Grant recipients may use these funds to (1) develop, maintain, or enhance any facility, equipment, or infrastructure (e.g., stadiums, gyms, or fields) for any athletic program offered by the institution; or (2) purchase and maintain materials, sporting equipment, and uniforms needed to conduct or produce a live sporting event in accordance with the most recent guidelines issued by the National Collegiate Athletic Association, the National Association of Intercollegiate Athletics, or the Central Intercollegiate Athletic Association.