If your pup is bigger and more energetic, it will probably try to jump on the guests in its enthusiasm. Coach your friends about what to do if this happens. Tell them to ignore the pup when it jumps and only pet and play with it when all four feet are on the ground. Whenever the pup jumps, simply grasp both of his front paws securely, holding them up long enough for him to become uncomfortable with the position. Show no anger. Most pups like to be up for only a very short time; when he starts to protest, continue holding onto him for several more seconds, allowing him to become very uncomfortable. Then put him down gently, helping him into a sit. When the pup’s sitting on the floor, they can interact with it. The pup will learn it gets no attention for jumping and will stop before the behavior hardens into an unpleasant habit.
Another possibility is to put the palm of your hand flat out in front of your pup’s face when you sense he is about to jump, this blocks him from jumping.