Yes, it is possible. It is possible to apply at any time up until Dec. 31, 2020. It may also be possible to apply after this but I strongly advise that you do so by then.
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Is it still possible to register with the EU settlement scheme at this point?
I am an Italian citizen working in the U.K. I did not register with the EU settlement scheme due to the uncertainty of Brexit previously. Now the U.K. has officially exited the EU and the transition period has started. Is it still possible for me to register with the settlement scheme at this point to keep my legal status in the country?
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You can register as pre-settled or settled by June 30, 2021, which is the deadline.