Can one paint or update the color of formica counters

Yes Rustoleum and Gianni both make countertop restoration kits

clean real good, lightly sand, primer, paint then poly, I waited at least 12 hours between coats. my floors and counters have been painted over a year and still doing great. I also used outdoor deck paint on floors. counter I used chalk paint along with the deck paint

Yes and it is easy! First sand the formica countertop with a fine sandpaper to scuff up the surface, which will help the paint stick. Next apply a coat of a shellac based primer. The shellac will adhere to the scuffed up countertop and provide a good smooth base for your paint. Now you can either use a good quality paint or a pre-packaged countertop restoration kit if you want a design rather than a plain paint. I finish off the top with 2 coats of clear shellac. Shellac dries quickly and much harder than polyurethane so it doesn't seem to scratch as easily.

GIANNI WORKS GREAT. USED IT TWICE ON SAME COUNTER TOPS. FIRST TIME WAS TO DARK. SANDED AND TACKED CLOTHED IT THEN REDONE. TURNED OUT PERFECT!!

https://www.hometalk.com/diy/kitchen-dining/kitchen-dining-furniture/a-counter-top-make-over-with-paint-that-will-wow-you-3904819