Main Entry: pres·ent·ly

Pronunciation: \ˈpre-z^ənt-lē\

Function: adverb

Date: 14th century

1 a archaic : at once b : without undue delay : before long
2 : at the present time : now

usage Both senses 1b and 2 are flourishing in current English, but many commentators have objected to sense 2. Since this sense has been in continuous use since the 15th century, it is not clear why it is objectionable. Perhaps a note in the Oxford English Dictionary (1909) that the sense has been obsolete since the 17th century in literary English is to blame, but the note goes on to observe that the sense is in regular use in most English dialects. The last citation in that dictionary is from a 1901 Leeds newspaper, written in Standard English. Sense 2 is most common in contexts relating to business and politics <the fastest-rising welfare cost is Medicaid, presently paid by the states and cities — William Safire>