The Bombers (1-9) face Richmond on Friday night in a Dreamtime clash between the bottom two sides on the ladder, before taking on West Coast in Perth.
And they are set to be without key forward Peter Wright, who is sidelined after scans confirmed he sustained knee ligament damage in Sunday's 43-point loss to Fremantle.
"It's a big fortnight for them," Lloyd said on AFL.com.au.
"I'd hate to think what happens, in terms of for Brad Scott, if they are to lose to Richmond because I just think that's a win that they've just got to pencil in and win.
"That will just show them where they're at both internally and externally as a club."
Essendon have managed just one victory in almost a full year, with that period featuring an unwanted club record-equalling 17 consecutive losses.
A surprise win over Melbourne in Gather Round provided brief respite, but the Bombers have since lost five consecutive games by an average margin of 41 points.
They trailed Fremantle by 52 at halftime before eventually falling to another heavy defeat.
"(Fremantle) scored a goal in the first 28 seconds of the game and gee it sucked the life out of the stadium," Lloyd said.
"The crowd's just yelling out, 'Have a go, have a go!' That's the type of performance it was.
"Defensively they were poor (and) their senior players aren't really competing as hard as they need to be competing.
"I just think the lack of effort - that's why you call it a crisis."
Essendon fans voted with their feet, with the attendance of 25,100 marking only the second time since 1995 the club has attracted less than 30,000 to the MCG - not including COVID-19 years.
"There was a lot of people at halftime, they weren't asking for pass-outs to this game, they were actually just leaving at halftime," Lloyd said.
"That's how disappointed a lot of the fans were in the performance and they've been an amazing supporter base, but I could see so many were just fed up with that again yesterday."
Scott lamented a horror start against second-placed Fremantle, conceding the Bombers did not compete at the required level and needed more out of their senior players.
Hall of Fame member Lloyd, who kicked a club-record 926 goals in 270 games for Essendon, had similar concerns.
"No-one expected them to beat Fremantle yesterday, but it was the way they played that was so disappointing in that first half," Lloyd said.
"Again, you just have to pencil in Friday night (against Richmond).
"And then West Coast in Perth is not easy, but they're wins that you've just got to tick off as a club."
Wright hurt his knee in a first-quarter ruck contest against Fremantle but returned to play out the match.
He woke up on Monday with soreness and swelling, with scans confirming the damage.
As yet, there is no clear timeline on Wright's recovery.
"We're disappointed for Pete, who's been playing some of his best footy to date this season," Essendon football manager Daniel McPherson said in a statement.
"We'll provide an update on his return to play in the coming days."
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