2005 Honda Element Sudden Issue

I have a 2005 Honda Element, which very recently had its 100K mile service and was fine. When reversing into my garage yesterday, I suddenly lost power steering, so backing in became difficult. The person parked next to me said there was a burning smell coming from the car and suggested I look at the oil. When I went to my car today, there was a wet spot under the car and it appeared to be oil. I added some more oil, as the level was then low, and it did not appear to leak when being added or a few minutes after. I topped up the power steering fluid but it was fairly full already. The belt to the left of the oil reserve looks worn, but I do not know if this could be the source. Also to the left near that belt looks shiny/wet-ish but it is not clear from what. Any ideas of the cause of the loss of power steering and the burning smell and what to do about it? Thank you