Very hard to conclusively determine, but I say he was killed.
Although he was winged in the shoulder/arm by a bullet, there were clearly 2 shots fired. Both at very close range by Lt. Jacoby. Although Gunn also had him in his line of sight, it appears he did not fire.
It seemed Loomis immediately reached for his arm after the first shot was fired, and then after the 2nd shot, he appeared to be slumping over onto the desk. Then the camera cuts away and you never see him again.
Based on what I saw, I would say the 2nd shot was fatal, killing Loomis. Because even though the camera cut away, the scene stayed in room for 5 more seconds, and you would have heard him moaning or voicing his pain from the shooting if he was still alive. But he was "dead" silent.
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