2003 Ford Escort Loud POP followed by battery light and no

Steering problem
2003 Ford Escort 74500 miles

Hi -
I have a 2003 Ford Escort ZX2 and just had a problem while I was backing up. While the car was in reverse, I had the wheel turned sharply to the right and I heard a distinct and loud POP from what sounded like the right side of the car. Immediately the battery light came on and the steering wheel became almost impossible to turn, almost like power steering went out. I turned off the car and started it back up and the battery light was still on and the steering wheel very hard to turn. I was wondering if you have any suggestions on what this might be. I'm thinking perhaps a belt popped, perhaps a serpentine belt? Could you recommend a way to check if that's the case? Prior to this happening, whenever I would initially crank the car, I would hear a squeaking under the hood that would last about 10-15 minutes or so until the car warmed up and then it would stop.

Thanks for any suggestions you might have!