The limit has nothing to do with the income of the business entity; it has entirely to do with your (total) taxable income, both from the business and otherwise.
From the conference report (I will replace this with the actual law once that is published):
(3) MODIFICATIONS TO LIMIT BASED ON TAXABLE INCOME.—
(A) EXCEPTION FROM LIMIT.—In the case of any taxpayer whose
taxable income for the taxable year does not exceed the threshold amount,
paragraph (2) shall be applied without regard to subparagraph (B)
This is from Part II, Sec. 11011.
The subparagraph (B) limit is referring to the limitation that you cannot take a deduction greater than 50% of your W2 wages.
Further down, is a very similarly worded exception to the exclusion of Personal Services businesses:
(3) EXCEPTION FOR SPECIFIED SERVICE BUSINESSES BASED ON TAXPAYER’S INCOME.—
In both cases, the exclusion is based on the taxpayer's taxable income.
If your income was a bit more than that, and you didn't have any (legitimate) way to avoid some of that money hitting your personal tax return (or didn't want to), you'd have a $50,000 phaseout period ($100,000 filing jointly) where you'd still get to deduct some of the business income, but not all of it.