When you bring your new puppy home, don't let your children play with him constantly. Puppies need a lot of rest just like a growing child. Limit puppy-children play sessions to 15-30 minute periods 2-3 times a day.
Your puppy has been exposed to a lot of loud noises and stimulation but remember he has always had the support of the litter. Puppies will respond differently in their new home than they did here in the litter. Within the litter they have strength in numbers and litters operate as a unit pulling their strength from the whole.
It's very important that rules regarding teasing be followed, puppies are easily excited and will also become dominate if allowed to be over stimulated.
Children need to not allow puppies to chew on them, it is very important that parents teach their children how to respond to puppy mouthing. Two good ways to do this is for the parents to first work with the puppy by saying OUCH or some other short sharp word to startle the puppy into letting go. Then teaching children to do the same after the parent is sure the puppy is understanding. Second if the puppy gets so worked up so that mouthing is out of control, the children need to know it's time to put the puppy in his crate and ask for help with that if needed. This is not a punishment, it a time out, time to cool off. Puppy make make a fuss but generally after a short fuss they will settle down for a nap.
The more your children interact with the puppy, taking care of routine needs, the more the puppy will learn to respect them. Dogs look to care givers as ones who deserve respect.
