The LT1 probably went into Limp mode (I've experience it too). Check your T-stats for the correct ones (and no blockages), check your intake impeller and be sure there is not any debris in there. It's very sensitive to engine temps and this can happen. Also might want to replace your temp sensor for good measure too.
These are just generic, basic answers to this problem but a place to start. T-stats should be 142 and 160 with a hole drilled in the top.
1994 205, LT1