The 19-year-old attacker is due to stay with Gavin Cowan's Bucks for a month.
He enjoyed a loan spell at the New Bucks Head last season, scoring once in seven games, and netted against Telford while on loan at Ashton United earlier this month.
The Bucks have been granted permission by Salop to feature McAtee in the FA Cup.
Town boss John Askey said: "It didn’t quite work out for John at Ashton, they were struggling in the league.
"I think it will do him good if he can get playing for Telford.
"With the club being local as well, it’s a good one for him to go to.
"The fact that they want him back, he must of done well.
"If he can go there and score goals then it can only do him good.
“Yeah they are playing with confidence and the atmosphere around the place is good – and I think it helps you especially if you are coming in on loan.
"It’s important we send them to the right clubs and try to progress them.”