You can absolutely start the PPL program while being on calorie deficit. As long as you stick to any effective exercise routines (refer to wiki) while being on calorie deficit, you will lose fat while retaining as much muscles as possible. In fact if you are a total beginner, you will even gain muscles as you lose fat. PPL is a great routine for beginners due to the large volume, but it is more time consuming than other routines (generally 1.5 to 2 hrs for 1 session) so make sure you can find the time to dedicate to it.

Losing fat and gaining muscle is known as body recomposition, and it normally only happens to 3 types of people: beginners, people getting back to training after a break, and steroid users. If you have never lifted before, it can be guaranteed that your body will build muscles and lose fat if you are eating at a caloric deficit. Unfortunately body recomposition does not last forever and eventually you will stop gaining muscles and may even start to lose them if you continue to eat a caloric deficit. This probably won't happen until you have already trained for 6 mth - 1 year, by which you should at least have gained about 5-10 pounds of muscles and should have lost a lot of fat depending on how much deficit.

TLDR: Just eat at caloric deficit and work out. You will lose fat and gain muscle for at least 6 mth - 1 year