I would like to create a database for a work project which would would allow others to work inside of it simultaneously BUT on a specific day of the month I would like to "close" this database to prevent new entries. Is this possible?

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Reply from Alex Hedley:

You could have a procedure that get's the Date() and then closes the db if it equals the date you don't want them in.

Make sure to set this on the Form you have as the StartUp Form.

Private Sub Form_Open(Cancel As Integer)
    If Date = "24/05/2015" Then
        MsgBox "You aren't allowed to use this Database today, please come back tomorrow", vbInformation, "Closing"
        DoCmd.CloseDatabase
    End If
End Sub

Or you could just disable button's on the Main Menu.
See the Security Seminar for an in-depth tutorial on this.