Lloyd attended Saint Anthony and Rexburg public schools. Lloyd received his Bachelor of Surgery from Utah State University in 1935 and then studied law at George Washington University from which he received his Bachelor of Laws in 1939.
He worked for the United States Department of Agriculture while going through law school. He was admitted to the bar in 1939 and began practice of law in Salt Lake City, Utah. He served as general counsel for Utah Retail Grocers Association 1940-1962.
He served as Utah representative on board of managers of Council of State Governments from 1959 to 1961.
He served as chairman of the Council of State Governments Committee on State Taxation of Interstate Income from 1961 to 1962. He served as director of Beehive State Bank from 1960 to 1966.
He served as a delegate, State conventions 1960, 1962, 1964, and 1966. He served as a delegate, Republican National Convention, 1960.
He was an unsuccessful candidate in 1960 to the Eighty-seventh Congress.
Lloyd was elected as a Republican to the Eighty-eighth Congress, November 6, 1962 defeating fellow State Senator Bruce Jenkins. Lloyd served in congress from (January 3, 1963-January 3, 1965). He was not a candidate for reelection in 1964 to the Eighty-ninth Congress, but was an unsuccessful candidate for nomination for the United States Senate.
He returned to Utah to become vice president of Prudential Federal Savings, in charge of public relations.
Lecturer at the University of Utah. Lloyd was elected to the Ninetieth and to the two succeeding Congresses (January 3, 1967-January 3, 1973).
He was an unsuccessful candidate for reelection in 1972 to the Ninety-third Congress. He was appointed assistant director of the United States Information Agency in 1973.
He again returned to Utah to teach at Utah State University from 1973 to 1974, holding the Milton R. Merrill Chair in Political Science.
Lloyd was named a trade specialist in charge of the Utah office of the Department of Commerce in 1974. He was an unsuccessful candidate for nomination in 1976 to the United States Senate. He became an editor and publisher.
Lloyd resided in Salt Lake City, where he died, December 15, 1979.
He was interred in Salt Lake City Cemetery.
He served as a member of the State senate from 1954 to 1962, serving as majority leader in 1957, president in 1959, and minority leader in 1961. He served as a member of Utah Legislative Council from 1957 to 1961, chairman from 1959 to 1961.
Married Edith Ann Gunn, September 25, 1935. Children: Sherman G., Kathryn, Diane, Elizabeth.