I had the same issue with the most current (7/3/21) version of McAfee Total Protection isolated and quarantined jv16pt.exe, which McAfee had not previously done. JV16 is at build 6.1.0.1203. It seems true that McAfee's Settings/quarantined Items section has to have jv16pt.exe added to its exceptions list in the Real-Time Scanning section after first getting the app Restored by McAfee's quarantine tool. I'm using Win7 Pro and McAfee v16.0 R31. I made a note of steps I took to resolve this (below), at least on my platform.
Issue was brand new. Since recent JVT update, I'd had no problems using it. Then.....
JVT would not start because its executible had been taken out of JVT folder and was quarantined by McAfee. Rechecked virus scan to be sure; presumed that this was a false positive by McAfee.
Resolution Steps (my example was using Win7 64-bit, signed on as Admin):
1. First make sure McAfee has done a scan of the files on the PC. It should be clean, or fix it first. Then...
2. Open McAfee Settings / Quarantined Items, find the jv16pt.exe file in the Quarantined Items box, highlight it and click the "Restore" button. The program will be put back - but DO NOT start it yet.
3. Find your JV 16 Power Tools folder, usually inside C:\Program Files (x86)\JV 16 Power Tools. Verify that jv16pt.exe is back there. Now you know how to find it.
4. Click the Settings gear in upper right of McAfee Settings to open the menu showing the list of McAfee tools. Select the Real-Time Scanning choice to open it. It should be ON. You want to get McAfee to note jv16pt.exe as an "Excluded File" so McAfee scanner will not identify it as needing quarantine. Click the "Add File" control. The "Add file" browser window will open. It looks like a regular Explorer file and folder browser.
5. The goal is to show the browser your jv16pt.exe file by browsing to its location and clicking on it so it appears in the "File Name" strip, and then clicking Open. The file jv16pt.exe should then be shown in the Excluded files box. Verify that. McAfee will now remember your choice.
6. Close the McAfee Settings windows and resart jv16 Power Tools. It now works, and you're done.