Q: Knocking noise from engine and loss of power

The illumination of the check engine light means that diagnostic trouble codes were set during this incident. The codes are probably "related" to the knocking noise. If there was a mechanical failure in the engine, these codes could have simply been set as a "consequence". That is, the principal issue could be a mechanical failure. It is also possible though for ignition and/or fuel system failures to create strange noises, if and as individual cylinders fail. You do have one of the more common engines, so replacements are easy to come by. Generally it is an outstanding engine design based on mechanical operation, power, fuel economy and serviceability. YourMechanic has trained professionals who can travel to your location to determine the best solution to this engine problem.