Chevrolet Repair Questions? Ask a Mechanic for Answers ASAP
The check engine light is a warning light that comes on if the computerized engine control system detects an engine performance or emissions problem. Also called the "malfunction indicator lamp" (MIL). It can come on for any of hundreds of different causes from any of the systems that the computer monitors. Some are very important and some not as serious.
Your first step is to have the computer scanned to retreive the trouble codes that were set when the check engine light came on. Those codes will get you pointed in the right direction to find your problem. With a 1996 or newer and some 95 cars and you have an AutoZone in your area, they will read them for free.
The PCM also controls and monitors some transmission related functions and these problems are very likely related.
I could have been more specific if your question was more complete and included the code number.
That code indicates that the computer is seeing slippage when the TCC (torque converter control) is energized. It is seeing a different between engine RPM and transmission RPM which would indicate that the torque converter is slipping.
This one isn't going to be a $100 repair and the sooner you get it to a trans shop the better before any debri starts migrating through the rest of the transmission.
At this point, the trans itself may be OK but you'll probably find a bad torque converter.