It only took me 5 months to order and get the replacement belt. The bill did not have a total but the sales person said it should cost around $40. Now I need to install the belt.
To order the belt just call 1-888-895-4549 and ask for the 007-0068 belt. It is the only belt they ship / sell so it is easy.
Kobalt (aka Lowes 99007 vlk1582609) 26 gallon air compressor manual: http://www.powermate.com/productmanuals.php