Not automatically. If the loan is in your name, or you personally guaranteed it, you still have to pay even if the business fails. If it's only in the company's name, usually the company is liable, not you personally. There's also insolvency/"second chance" options, but that’s a legal process, not automatic.

Basically, depends on how you setup the company in regards to liabilities (which I'm guessing is true in the US too), and the exact terms of the loan.