The Packers activated Lloyd (calf/hamstring) from injured reserve Wednesday, per the NFL's transaction log.
According to Rob Demovsky of ESPN.com, this move is merely procedural so Green Bay can place him back on IR with the aim to get him back in the playoffs at some point. If said transaction occurs before Saturday's contest at Chicago, Lloyd would be eligible to return as soon as the divisional round. For the time being, though, the Packers will roll with the combination of Emanuel Wilson and Chris Brooks (chest) behind No. 1 RB Josh Jacobs (knee/ankle).