Well looks like it's done. If it tastes "bad" to you then it's bad. You set out to make something you can enjoy, we don't always get that result.
Identifying the off-flavor is the first step in correcting a problem
Much like judging a beer try to describe all the attributes of the cider that are not appropriate.
Aroma, Flavor, Appearance, Mouthfeel
Also getting feed back from a novice palet is really helpful. Let them know there is a problem, but ask them to describe it.
Soapy / Balloon This would describe two seperate off-flavors. Soapy is usually just that. Soap. caused from poor cleaning and rinsing of something that was in contact with the cider. There is no salvage solution for this off-flavor.
Balloon This one is actually more difficult to find the cause to. It may seem the balloon air lock was the cause, it's unlikely. It sounds more like a phenolic off flavor AKA Band-Aid usually caused by poor sanitation and a prefermentation bacterial infection. Or a wild yeast. There is no salvage solution for this off-flavor.
Don't give up! I think I learn way more from "bad" beers than great beers any day.
Your cider is only bad in the since that it's not enjoyable to you. Its safe to drink and someone else may like it.