It looks like ich to me. Does it look like the fish has been sprinkled with salt? Cuz that's ich. Velvet looks more like the fish is dusty, from what I have read (I've never experienced it myself).
I suppose its possible. I would only caution to be very careful in treating scaleless fish like loaches. If it were my tank I would start with treating for ich and go from there. Salt and heat can go a long way to many aquatic health issues.
That's ich, unfortunately I had this a while back ago and my loaches didn't make it, you need a loach safe ich med for scaless fish, I think rid ich makes one specific for loaches, and a lot of other companies do as well