After issuing its 2020 financial statements, JT Engineering enters into a financing agreement with Elwood Bank. This agreement, made on February 10, 2021, allows JT to borrow up to $6,000,000 at any time through 2022. Under the agreement, funds are borrowed at prime +2 and mature two years from the loan date. The agreement also requires JT to maintain a working capital level of $9,000,000 and prohibits payment of dividends on common stock without prior approval by Elwood. JT currently has $2,250,000 of notes payable with Scecina Bank, maturing March 15, 2021. JT intends to borrow $3,750,000 under the agreement with Elwood to liquidate these notes payable. Based on this information, how much short-term debt does JT have as of its December 31, 2020 balance sheet?