In this paper, the potential of extending 5G New Radio physical layer solutions to support communications in sub-THz frequencies is studied. More specifically, we introduce the status of third generation partnership project studies related to operation on frequencies beyond 52.6 GHz and note also the recent proposal on spectrum horizons provided by federal communications commission (FCC) related to experimental licenses on 95 GHz - 3 THz frequency band. Then, we review the power amplifier (PA) efficiency and output power challenge together with the increased phase noise (PN) distortion effect in terms of the supported waveforms. As a practical example on the waveform and numerology design from the perspective of the PN robustness, link performance results using 90 GHz carrier frequency are provided. The numerical results demonstrate that new, higher subcarrier spacings are required to support high throughput, which requires larger changes in the physical layer design. It is also observed that new phase-tracking reference signal designs are required to make the system robust against PN. The results illustrate that single-carrier frequency division multiple access is significantly more robust against PN and can provide clearly larger PA output power than cyclic-prefix orthogonal frequency division multiplexing, and is therefore a highly potential waveform for sub-THz communications.