Code C0242 looses power will run but no power shut off engine and led cool down start back up runs great

The ECM detects a fault that prevents it from performing a traction control function and sends a serial data message to the EBCM indicating that torque reduction is not allowed.

This means the brake control module needs to be replaced. A pretty common failure.

C0242 - Engine Control Module Indicated Traction Control System Malfunction

Let us know if you need anything else.

This code is set when the Electronic Brake Control Module (EBCM) detects that the Engine Control Module (ECM) has reported a problem with the traction control request signal. I other words the PCM cant control the engine speed which happens when the throttle bore needs service or replacement, this guide might help and be sure to clear the codes once completed.

https://www.2carpros.com/articles/throttle-actuator-service

Please go over this guide and get back to us.