The accident happened around 6:30 a.m. on the 1300 block of Cliveden Street.
The collision forced the SUV onto the sidewalk and into a stone wall.
A man and a woman that were inside the SUV were taken to the hospital with multiple injuries. Both victims are reportedly in their 20s.
The school bus was not carrying students at the time, and the bus driver was not hurt.
Police are investigating.