The 29-year-old spent the 2019/20 campaign with the third-tier Catalonian club, where he made 23 appearances.
The new loan period runs from 1 September 2020 until 30 June 2021.
Cornella narrowly missed out on promotion to the Segunda B at the end of the 2019/20 season after losing 1-0 to CD Castellon in the play-offs.
Guzman joined Blues as a free agent in May 2019 on two-year deal but was loaned out to Cornella for the first time in July 2019 without making a competitive start for the Club.
*Images courtesy of UE Cornella.