Hmmm... it sounds to me that the problem here is more with training than the actual bite. Your puppy should NOT be jumping around trying to catch things in the air. If you don't address this issue first and show him his bounderies than accidents such as this will keep happening.
It's hard because like you said it is cute to watch them but once they get stronger they can do some damage. same thing happened with my sweet girl, I had my face too close to her while we were playing on the floor and by mistake she bit my nose but this time her teeth actually caught inside my nose and made a small cut which it bled for about 5 minutes. That's when I learned my lesson!!!