1) that things are going to get better and 2) that is when the mentioned event or state of being will commence.
see also: the going is good good going and how’s it going
guy: “do you think 3 people will be enough to run an entire company?”
boss: “it’s enough to start with, we’ll hire more when the going gets good”
dude: “yo man, I heard you started dealin’ again… you buy yerself a new TV set yet”
other dude: “nah man, I aint ballin yet, but you know i’ll hook myself up when the going gets good, dig?”