It depends which limit you hit.
The daily loss limit is a soft breach
Your open positions are closed and trading is paused for the rest of the trading day. It resumes automatically on the next trading day, and your account is not closed. A daily loss limit applies to EOD funded accounts, to 1-Day-Pass-Plan in both phases, to Instant Classic, to Instant Lite on the 50K and 100K, and to Daily Payouts in both phases. Flex has none.
On Daily Payouts, hitting the daily loss limit three times within a rolling 30 day period is a hard breach and closes the account. The first two hits pause trading for the rest of the day in the normal way. See the Daily Payouts daily loss limit article. Instant Lite also closes the account on a third hit, see the Instant Lite specifications.
The maximum drawdown is a hard breach
If your balance or equity falls to or below your drawdown floor, the account is closed immediately. This applies in both the evaluation and funded phases, on every plan.
Can a breached account be reset?
A breached evaluation account can be reset up to twice, including on Daily Payouts. A breached Instant Classic or Instant Lite account cannot be reset. Funded account resets are available on EOD 50K and 100K accounts only, before your first payout, and are not available on Daily Payouts.