Automating a multi-select field to show status based on Date field

I have a multi-select status field that I would like automated but not sure where to start. I have a ‘Due Date’ field and a ‘Status’ field. I want the ‘Status’ field to automatically show either On-Time or Late depending on the ‘Due Date’ field. I tried writing a formula for it and it worked but I wanted to make the ‘Status’ field a multiple select field. Is there a way I can automate this so depending on the ‘Due Date’ and the current date, the ‘Status’ field will automatically populate with the options of On-Time or Late?