Here is some advise that helped another 2220B owner...
Tom
If the Stereo lamp works in aux, phono and tape, and goes off when you select Mono in those functions, then there are other things to look for other than the mono switch.
The path for the stereo lamp in FM Stereo operation is pin 6 of H301, through R311 to pin J305 then to S001-1 pin 6 then to S001-1 Pin 5 (because it in the 'FM' position), then over to JH11, through the Mono switch which is not pressed, out JH10 to one side of the 'stereo lamp. The other side is connected to plus 7VDC, the source.
If you don't have a frequency counter, set the selector to FM and tune in a strong station, that is, one that will send the signal meter up at least half way. Use an antenna of some sort if you need too, I can usually get away with a foot or two of wire. If the base of H303 is less than 0.6VDC, and the collector or Pin 8 of H301 is above 2VDC, then check H301, pin 14. If it is above 3VDC, then mark where R304 is now so you can set it back if things don't work out. Now try moving R304 a bit each way and see if the stereo lamp comes on.
Expanding on the operation a bit, the levels in parentheses () are what you should see on the P300 board for FM stereo operation. Look for less than 0.6Vdc on the base of H303, it monitors signal quality and shorts pin 8 of H301 to ground if it's too low, forcing H301 into mono operation. The VCO test point at R312 (TPB on the schematic) should be 19kHz. If there is nothing there, H302 could be on or shorted emitter to collector killing the VCO, It's base is driven positive when the selector is in AM to prevent interference.