While parting a barrel blank, my lathe emitted a creaking sound and stopped spinning.
When I removed the motor hood, I found only a bunch or raveled nylon thread around the motor gear and no signs of the belt.
Originally, these lathes have a clear plastic belt, so that clear plastic crumbled and dropped from the nylon core and remained at the bottom of the lathe as amber granules.
If your belt is older than 12-15 years then it's time to check on its condition before it causes work stoppage. I've neglected it, so I will be waiting for a slow boat from China.