Yep - that's what they call it. It's a small belt used to raise and lower the blade. Mine busted last nite - in the middle of a project, of course. Frayed and then busted - after less than a year of light, weekend use.
No one stocks them. (No one stocks much of anything for this saw...)
Had to call Jet Support. They were fast on the answer, fast on the offer of a new one.