Simple answer: a business loss will directly lower your AGI. That is, a business loss is totally deductible against other income. The business gain or loss is calculated on Schedule C and transfers to line 3 of Schedule 1 then to line 7a of form 1040. Business expenses are not itemized deductions. So, yes, you still get the standard deduction, on line 9 of form 1040, in addition to the business deduction included on line7a.
As others have said, the bigger question is how much section 179 (or bonus depreciation) are you allowed.
