First off, may I ask what a silver lab is? Do you mean fox red (cinnomony in appearance) Didn't know silver was part of the standard.
What you are describing is pretty normal. I would suggest feeding the puppy in a separate room or in it's crate. I have a few dogs I have to separate during feeding time. Eventually it will get better.
You should allow them to work out who's boss, but ALWAYS supervise. You'll know when you need to step in and protect the puppy. Just watch very closely. AGAIN, don't leave them alone together until you know this is resolved. If you still feel uncomfortable, you should consult a local trainer. They would be able to tell you more after actually observing the behavior. Much better than we can on a forum, anyways. Good luck!