Yes you can take out multiple loans up to $50,000 less the highest outstanding balances over the previous 12 months of all plan loans outstanding at any time over the previous 12 months.  For example, assume you (1) had a previously taken out an employee loan with the highest outstanding balance of $8,000 over the previous 12 months; and (2) within the past 12 months, you had taken out a second loan equal to $12,000 and paid it off, you could take out a third loan equal to 50% of the balance up to $30,000.