You use present to describe things and people that exist now, rather than those that existed in the past or those that may exist in the future.

The present is the period of time that we are in now and the things that are happening now.

In grammar, the present tenses of a verb are the ones that are used to talk about things that happen regularly or situations that exist at this time. The simple present tense uses the base form or the 's' form of a verb, as in 'I play tennis twice a week' and 'He works in a bank'.

A situation that exists at present exists now, although it may change.

The present day is the period of history that we are in now.

Something that exists or will be done for the present exists now or will continue for a while, although the situation may change later.

If you say 'There's no time like the present', you are suggesting to someone that they should do something now, not later.